Make In India: India’s defence exports jumps 334% in last 5 years; supplies to 75 countries
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The Indian defence ecosystem is spreading its arms overseas as military exports have jumped by 334% in the last five years, which involves supplies of arsenals to more than 75 countries around the globe.
The Defence Ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which will include export of Rs 35,000 crore.
India’s defence exports
◆ 2021-22: Rs 12815 crore
◆ 2020-21: Rs 8434 crore
◆ 2019-20: Rs 9115 crore
◆ 2018-19: Rs 6539 crore
◆ 2017-18: Rs 3546 crore
◆ 2016-17: Rs 1521 crore
◆ 2015-16: Rs 2059 crore
◆ 2014-15: Rs 1940 crore
With collaborative efforts, India has taken several policy initiatives in the past few years to amplify its indigenous design, development, and manufacture of defence equipment, to make world-class military apparatus.
■ The Indian Defence sector, the second largest armed force, is at the cusp of revolution. Defence exports grew by 334 per cent in the last five years; India now exporting to over 75 countries due to collaborative efforts
■ India exported around Rs 1,387 crore worth of defence-related exports during the first quarter of the financial year 2022-23 (April-June)
■ The country’s defence and technology related exports touched the highest-ever figure of Rs 12,815 crore in the financial year 2021-22, a 54.1 per cent rise over the previous year.
■ It is pertinent to note that the exports in the financial year 2022 were almost eight times what they were about five years back.
■ India’s defence exports are mainly to countries like the US, the Philippines and other countries in South-East Asia, the Middle East and Africa.
■ In the past few years, the Government of India has taken various policy initiatives to encourage indigenous manufacturing of defense equipment, thereby promoting self-reliance in defense manufacturing & technology.
■ Importantly, two defense industrial corridors have been established — one each in Uttar Pradesh and Tamil Nadu to bolster indigneous manufacturing.
The Defence Ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which will include export of Rs 35,000 crore. The major role in achieving this goal with a contribution of 70-80 percent would be done by India’s Defence Public Sector Undertakings (PSUs)
By: via Allies Fin Serve Stock Market Channel
