New Delhi, Aug 13: India’s exports of military hardware have recorded a 78 per cent jump to Rs 6,915 crore in the April-June quarter of the current financial year (2024-25) from Rs 3,885 crore in the same quarter of 2023-24 reflecting the continuing growth in the defence sector as the country marches towards the Atmanirbhar Bharat goal.
According to the Economic Survey 2023-24, tabled in Parliament on July 22, India recorded its highest-ever defence exports, totalling $2.5 billion (Rs.20,915 crore) in FY 2023-24. This marks a 25 per cent increase from $2 billion in FY 2022-23, reflecting a consistent upward trajectory over recent years.
“India’s defence exports have grown over 12 times since FY 2017, highlighting the country’s commitment to becoming a significant player in the global defence market,” the survey stated.
This impressive growth is attributed to the increased number of export authorisations granted to defence manufacturers, which rose to 1,507 in FY 2024 from 1,414 in FY 2023, it added. Defence Minister Rajnath Singh recently said the Modi government has prioritised the defence sector and along with the promotion of indigenous manufacturing was aiming at an export target of Rs 50,000 for military hardware by 2028-29.
He said the government had corporatised the ordnance factories which had made them more technology-friendly and increased accountability which has resulted in an increase in production. He said the government has also put its trust in indigenous companies such as Hindustan Aeronautical Limited, Tata and L&;T to boost the defence sector.
With exports reaching more than 85 countries across Southeast Asia, the Middle East, Africa and Latin America., India’s defence industry has shown its capability of design and development to the world, with around 100 firms exporting defence products at present, a senior official said.
To give a push to defence exports, the government has taken a number of policy initiatives like “Make in India” and rolled out economic reforms over the last 10 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, he added.
A significant development has been the emergence of the private sector as a supplier of defence equipment with companies such as Larsen & Toubro, Tata Advanced Systems, and Bharat Forge emerging as major players. Of the total value of production in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8% by the private sector.
The official data show that in terms of absolute value, both DPSUs/PSUs and the private sector have recorded steady growth in defence production. India’s export basket of defence products includes missiles, radars, naval systems, helicopters, and surveillance equipment. India has made substantial progress in the indigenous production of advanced naval systems that also cater to the export market. Advanced platforms like the INS Vikrant aircraft carrier highlight the achievement in this segment.
Fast-attack naval craft, offshore patrol vessels, and various maritime weapon systems are other products that are being exported. The export of BrahMos supersonic cruise missiles, developed jointly with Russia, has been another major achievement, with countries like the Philippines purchasing the system recently.
IANS