Indian Economy News

India's defence exports cross US$ 1.5 billion (Rs 13,000 crores)

  • IBEF
  • March 14, 2023

Given the rising demand for defence products in Europe and the government's attempts to work with partners like Armenia, who are looking for reliable suppliers, Indian defence exports have crossed US$ 1.5 billion (Rs 13,000 crores).

The details of the year-wise export of military hardware were provided in the Rajya Sabha by Minister of State for Defence Mr. Ajay Bhatt while replying to a question.

According to Bhatt, the entire amount spent on defence exports in 2021-22 was US$ 1.5 billion (Rs 12,815 crores), up from US$ 1.02 billion (Rs 8,435 crores) in 2020-21, US$ 1.1 billion (Rs 9,116 crores) in 2019-20, and US$ 1.3 billion (Rs 10,746 crores) in 2018–19. It was Rs US$ 568.3 million (4,682 crores) in 2017-18.

Stockholm International Peace Research Institute (SIPRI), a worldwide weapons sales monitoring organisation, reports that although India continues to be the world's largest importer of arms, its purchases from foreign suppliers have decreased by 11% between 2013-17 and 2018-22.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.