Defence exports surge to ₹16,000 cr in FY2022-23, from ₹686 cr in FY2013-14
1 min read 30 May 2023, 02:59 PM ISTThe expenditure on defence procurement from foreign sources has reduced from 46% of overall expenditure in 2018-19 to 36.7% in December, 2022, the ministry noted.
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India's defence exports have reached an all-time high, surging from Rs. 686 Crore in FY 2013-14 to approximately Rs. 16,000 Crore in FY 2022-23.
Ministry of Information and Broadcasting informed in a press release that this surge, a 23-fold increase, highlights India's significant advancement in the global defence manufacturing industry.
The ministry noted, “With exports reaching more than 85 countries, India’s defence industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present."
The ministry stressed that over the past nine years, the government has implemented several policy initiatives and introduced reforms to boost defence exports.“The expenditure on defence procurement from foreign sources has reduced from 46% of overall expenditure in 2018-19 to 36.7% in December 2022," it added.
The release stressed that India, previously recognized primarily as an importer of defence equipment, has now emerged as an exporter of various significant platforms. “These include aircraft like the Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles."
Furthermore, India, which has been the top arms importer globally over the last decade, relies on Russia for approximately 50% of its military procurement.
Earlier, the Ministry of Defence said in a statement that India's defence production achieved a significant milestone by surpassing ₹1 trillion rupees ($12 billion) in FY23, marking a year-on-year growth of over 12%. This record-breaking achievement is noteworthy as India has been actively striving to reduce its dependency on imports from foreign nations.
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