India Defense Exports Crossed Rs 7,000 Crore Till November, Pending Major Deals To Raise Figures
- The government has made a number of policy changes in recent years to promote defence exports, not only to increase revenue but also to fortify diplomatic ties with other friendly foreign nations.
- The extension of an export authorisation, and a plan to promote defence exports that included giving manufacturers access to the testing facilities of the defence ministry for the validation of their products.
India has already exported defence goods worth more than Rs 7,000 crore as of November 1 and is aiming to hit a target of up to Rs 15,000 crore by the end of this fiscal year.
The report shows that up to November 1 of this year, India exported defence products worth Rs 7,034.84 crore. According to sources, certain significant defence deals are anticipated to be finalised between now and the beginning of 2023, increasing export numbers.
India exported defence goods of Rs 12,814.54 crore in 2021–2022. The amount represents a huge increase from 2014–15, when it was only Rs 1,940.64 crore. In terms of total defence exports, the private sector of India makes up the majority. By 2025, the nation wants to export 35,000 crore rupees’ worth of defence goods per year.
India is listed as the 23rd largest exporter of major arms in a report by the Stockholm International Peace Research Institute (SIPRI), and between 2017 and 2021, it had a 0.2% share of global arms exports, up from 0.1% in the years before.
SIGNIFICANT EXPORT ORDERS
This year, India signed several significant contracts for defence exports, including a $375 million deal with the Philippines for the BrahMos supersonic cruise missile, a deal with Mauritius for the advanced ALH Mark III light helicopter, and a $155 million order for artillery guns that private defence company Kalyani Strategic Systems received from an unidentified country.
India is promoting its homegrown Tejas light combat aircraft to countries in Southeast Asia and Africa for export.
India exports personal protective equipment, offshore patrol boats, ALH helicopters, SU avionics, Bharati Radio, coastal surveillance systems, Kavach MoD II Launchers, and FCS, among other things, according to the defence ministry. It also exports spare parts for radar, electronic systems, and light engineering mechanical parts.
These travel to 84 or so nations, including Israel, Egypt, the United Arab Emirates, Bhutan, Ethiopia, Saudi Arabia, the Philippines, Poland, Spain, and Chile, as well as the Maldives, Sri Lanka, Russia, France, Nepal, Mauritius, and Sri Lanka.
STEPS TAKEN TO STREAMLINE EXPORTS
The government has made a number of policy changes in recent years to promote defence exports, not only to increase revenue but also to fortify diplomatic ties with other friendly foreign nations.
These included the creation of a new export promotion cell within the defence ministry to coordinate export-related activities, the announcement of a plan to financially support India’s defence attachés as they promote exports, the extension of an export authorisation, and a plan to promote defence exports that included giving manufacturers access to the testing facilities of the defence ministry for the validation of their products.
A defence production and export promotion policy has also been created by the MoD; it is currently awaiting cabinet approval.