In the years 2022 and 2023, India's defense exports reached a record high of nearly Rs 16,000 crore.
India's defense exports reached Rs 15,920 crore in the fiscal year 2022-23, making its presence felt on the global market, which is a highly competitive one.
Ankush Pandey
In the fiscal year 2022-23, India's defense exports reached an all-time high of Rs 15,920 crore, a tenfold increase from 2016-17. Currently, the nation exports to more than 85 nations.
With 100 companies currently exporting defense products, the Indian industry has demonstrated its design and development capabilities to the world. The expanding capabilities of India's defense manufacturing sector are evidenced by the rising exports of defense products and the participation of 104 nations in Aero India 2023.
Prime Minister Narendra Modi said in a tweet that the accomplishment was a clear sign of India's talent and enthusiasm for "Make in India."
It also demonstrates that the reforms implemented in this sector over the past few years are producing positive outcomes. Our Administration will continue to help endeavors to make India a safeguard creation center point," he said.
India exports major platforms like the Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), BrahMos missiles, the Akash Missile System, radars, simulators, mine-protected vehicles, armored vehicles, PINAKA rockets and launchers, ammunition, thermal imagers, body armors, as well as systems, line replaceable units, and parts and components of avionics and small arms. Eight years ago, India was known as LCA-Tejas, light combat helicopters, aircraft carriers, MRO activities, and other items are in high demand worldwide.
Over the past five to six years, the central government has introduced reforms and taken a number of policy initiatives to encourage defense exports. Send-out strategies have been streamlined and made industry-accommodating with start-to-finish online product authorization abridging deferrals and bringing the simplicity of carrying on with work.
Three Open General Export Licences (OGEL) have been issued by the government for the transfer of technology, major platforms, and equipment, as well as the export of parts and components. The OGEL is a one-time export license that grants the industry permission to export certain items to enumerated destinations without seeking export authorization during the license's validity.
Through an online portal, export leads from various nations are sent to registered Indian Defence Exporters in real time to help them respond to export opportunities. Indian missions abroad hold regular reviews to promote Indian defense products and assist Indian industries.
