India's defence equipment exports reach US$ 1.94 billion (Rs. 16,000 crore) this year
- IBEF
- April 3, 2023
In the fiscal year 2022-2023, India's exports of defence equipment reached an all-time high of US$ 1.94 billion (Rs. 16,000 crore). This represents a ten-fold increase from 2016–17, when exports were US$ 184.59 million (Rs. 1,521 crore). India’s aerospace and defence sector is presently exporting weapons to more than 85 nations. This will enable the Ministry of Defence (MoD) to reach its declared goal of exporting defence and aerospace equipment worth US$ 3.03 billion (Rs. 25,000 crore) annually by 2025.
Over the past 5-6 years, the government has implemented a variety of policy initiatives and reforms to enhance defence exports. These include export procedure simplification, Open General Export Licenses (OGEL), transfer of technology (ToT) and major platforms and equipment.
The OGEL is a one-time export licence that enables the industry to export certain commodities to the locations listed without obtaining prior authorization, during the validity of the OGEL.
Additionally, registered Indian defence exporters have access to export leads that have been received from other nations in real time through an online platform, enabling them to take advantage of export prospects. To promote Indian defence equipment, regular evaluations are held with Indian missions around the world. More than 40 webinars have been arranged with friendly foreign countries (FFCs) with the support of industry organisations. Prime Minister Mr. Narendra Modi lauded this accomplishment as "a clear manifestation of India's talent and passion for “Made in India". He declared that the government would continue to encourage attempts to turn India into a global hub for defence production.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
