Sunday , May 19 2024

India’s defence exports reach all-time high of Rs 16,000 crore

New Delhi ‘2 April’2023-India has achieved a remarkable milestone as the country witnessed an all-time high level of defence export worth approx 16,000 crore rupees to over 85 countries.

In only six years defence export surged over 10 times amid number of reforms and policy initiatives taken by the government.

In a tweet, Prime Minister Narendra Modi described the achievement as a clear manifestation of India’s talent and enthusiasm towards ‘Make in India’.

Mr Modi said, it also shows the reforms in this sector over the last few years are delivering good results. He said, Government will keep supporting efforts to make India a defence production hub.

Defence Minister Rajnath Singh, In a tweet, described it is a remarkable achievement for the country. He said, under the inspiring leadership of Prime Minister Narendra Modi, the Defence exports will continue to grow exponentially.

The Defence Ministry said that Indian industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present.

The rising defence exports and participation of over hundred countries in Aero India 2023 are proof of the country’s growing defence manufacturing capabilities.

To give a push to defence exports, Government has taken a number of policy initiatives and brought reforms over the last 5-6 years. Export procedures have been simplified and made industry-friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business.

Government has notified three Open General Export License (OGEL) for export of Parts and Components, transfer of technology and major platforms and equipment.

Today, India, which was known as an importer about eight years back, exports various defence products including Brahmos Missiles, Akash Missile System, Radars, PINAKA Rockets & Launchers, LCA-Tejas, Light Combat Helicopters and Aircraft Carriers.

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