TN-DEFENCE EXPORTS
Chennai, May 30 (UNI) India's defence exports touched an all-time high
as it recorded a 23 fold increase in the FY 2022-23.
An official release here today said India's defence exports surged from
Rs.686 crore in FY 2013-14 to nearly Rs.16,000 crore in FY 2022-23.
This remarkable 23-fold increase reflects India's progress in the global
defence manufacturing sector.
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.
To give a push to defence exports, the Union Government has taken
a number of policy initiatives and brought reforms over the last nine
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.
Further, the Atmanirbhar Bharat initiatives have helped the country
by encouraging indigenous design, development and manufacture
of defence equipment in the country, thereby reducing dependency
on imports in the long run.
The expenditure on defence procurement from foreign sources has
reduced from 46% of overall expenditure in 2018-19 to 36.7% in
December 2022.
India, once known primarily as a defence equipment importer, now
exports a wide range of major platforms, including aircraft like the
Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and
launchers, radars, simulators, armoured vehicles, etc.
The global demand for India's indigenous products such as the
LCA-Tejas, Light Combat Helicopters, Aircraft Carriers and MRO
activities, is also on the rise, the release said.
UNI GV 1618