HomeAatmanirbhar BharatIndian defence exports reach all-time high of Rs. 15,920 crore in 2022-23,...

Indian defence exports reach all-time high of Rs. 15,920 crore in 2022-23, tenfold jump in 6 years

Source : The Indian Express

Indian defence exports reach all-time high of Rs. 15,920 crore in 2022-23, tenfold jump in 6 years
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Indian defence exports reach all-time high of Rs. 15,920 crore in 2022-23, tenfold jump in 6 years

India’s defence exports have reached an all-time high of Rs 15,920 crore in financial year 2022-2023, a whopping 10-fold rise since 2016-17.

The country’s defence exports in 2021-22 was Rs 12,814 crore, Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20, and Rs 10,745 crore in 2018-19, Rs 4,682 crore in 2017-18 and Rs 1,521 crore in 2016-17, official data revealed.


Calling it “a clear manifestation of India’s talent and the enthusiasm towards ‘Make in India’, PM Modi tweeted: “Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.”

YEAR EXPORT VALUE
2016-17 Rs 1,521 crore
2017-18 Rs 4,862 crore
2018-19 Rs 10,745 crore
2019-20 Rs 9,115 crore
2020-21  Rs 8,434 crore
2021-22 Rs 12,814 crore
2022-23 Rs 15,920 crore

 

Describing the rise as a remarkable achievement, Defence Minister Rajnath Singh said that “ our defence exports will continue to grow exponentially, under the inspiring leadership of PM Modi.”

The value of India’s defence export has increased tenfold since FY 2016-17, according to the details provided by Singh.

The defence ministry targets to raise India’s annual defence exports to $5 billion by 2024-25. Towards this, it has brought in several new policies, such as earmarking 75% of its capital budget for 2023-24 towards procurements from domestic sources and three positive indigenisation lists of 3,738 items, with embargo on import beyond timelines specified against them.

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