On May 19, India said that the value of its defence output had for the first time surpassed one trillion rupees.
According to a statement, exports increased 23 times between the 2013–14 and 2022–23 fiscal years, while spending on purchasing weapons and systems from other nations decreased from 46% of overall spending in 2018–19 to 36.7% in December 2022. The federal government is celebrating its ninth anniversary at the very time the defence report card was released.
India’s defence exports hit a record high, rising from 686 crore in the fiscal year 2013–14 to about 16,000 crore in the fiscal year 2022–23. India’s advancement in the world’s defence manufacturing sector is reflected in this astounding 23-fold surge, the statement said.
India stated on May 19 that the value of defence manufacturing in the nation has for the first time surpassed 1 lakh crore as a result of significant changes to support sector growth. Compared to 95,000 crore in 2021-2022 and 54,951 crore five years prior, the amount was 1,06,800 crore in 2022-2023.
The Tejas light combat aircraft (LCA), several types of helicopters, warships, tanks, artillery guns, warships, missiles, rockets, and a range of military vehicles are just a few of the weapons and systems that India manufactures.
In the last five years, the nation has intensified its focus on defence production and taken a number of steps towards self-sufficiency. These include prohibiting the import of a number of weapons, systems, and parts; allocating a separate budget for purchasing military gear developed in-country; raising foreign direct investment in the defence industry from 49% to 74%; and enhancing the ease of doing business.
By 2024–2025, India wants to generate $1,75,000 lakh crore in revenue from the defence industry.
The country’s priorities include increasing exports as well as reducing its reliance on imports.
Around 100 companies are involved in outbound shipments from India, which exports military equipment to 85 different nations. It contains a range of radars, surveillance systems, ammunition, armoured vehicles, offshore patrol vessels, rocket launchers, missiles, artillery guns, and rockets. By 2024–2025, India has set a target of 35,000 crore for defence exports.
“Over the last nine years, the government has implemented a variety of policy initiatives and reforms to boost defence exports. With end-to-end online export authorisation reducing delays and offering ease of doing business, export procedures have been streamlined and made industry-friendly, according to the statement.