Indias defence exports for 2022-23 clocked an all time high of around Rs 16,000 crore.
This is an over 10 times increase since 2016-17 when the defence exports were Rs 1,521 crore.
India has set itself an ambitious defence exports target of Rs 35,000 crore by 2024-25.According to the Ministry of Defence, India exports major platforms like Akash missile, BrahMos, Pinaka, Dornier-228, thermal imagers, 155 mm Advanced Towed Artillery Guns (ATAGs), radars, simulators, body armours, mine protected vehicles etc.
There is also a growing interest and demand for its platforms like the Light Combat Helicopters, Aircraft carrier and the Light Combat Aircraft (LCA) Tejas.Indias Defence Exports At All Time High: Will India Enter Big League Of Arms Exporters? ExplainedWhy are Indias defence exports rising and what policy measures have helped in the over 10 times increase? Is the Rs 35,000 crore target achievable? In this weeks episode of TOI Business Bytes, Professor Harsh V Pant, Vice President for Studies - Foreign Policy at Observer Research Foundation talks about the growth of Indias defence exports.Watch the video above to know why Professor Pant thinks that positive indigenisation lists have helped India move towards its goal of becoming a net exporter of arms.
Professor Pant warns that India faces the twin threat of Pakistan and China and with the latters growing military prowess, Indias defence modernisation has to happen with both exports and defence imports growing.Watch this weeks Business Bytes episode to know why Professor Pant feels that India should focus on exporting niche weapon systems.
In the latest data released by SIPRI, India emerged has the top arms importer between 2018-2022.
And while Indias defence exports have grown well, it still doesnt feature among the top 25 list of defence exporters globally.Professor Pant sees that gradually changing as geo-political situations lead the West to sharing more defence technology with India.
He also credits the focus on defence ties to the government's foreign policy and PM Narendra Modi's visits to the US and France.