India’s defence exports have reached an all-time high of Rs 15,920 crore in financial year 2022-2023, a whopping 10-fold rise since 2016-17.
The country’s defence exports in 2021-22 was Rs 12,814 crore, Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20, and Rs 10,745 crore in 2018-19, Rs 4,682 crore in 2017-18 and Rs 1,521 crore in 2016-17, official data revealed.
Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub. https://t.co/AL3sLknFOL
— Narendra Modi (@narendramodi) April 1, 2023
Calling it “a clear manifestation of India’s talent and the enthusiasm towards ‘Make in India’, PM Modi tweeted: “Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.”Most Read 1 Bigg Boss OTT 2 Finale Live Updates: Elvish Yadav is the winner of Salman Khan’s show 2 Happy Independence Day 2023: Wishes Images, Whatsapp Messages, Status, Quotes, and Photos 3 Gadar 2 box office collection Day 3: Sunny Deol film collects a whopping Rs 135 cr in opening weekend, is second highest earner of 2023 4 Bigg Boss OTT 2 finale: Alia Bhatt wanted to hide outside Bigg Boss sets to hug Pooja Bhatt after the show ended, says Mahesh Bhatt 5 Deepika Padukone gives glimpse of her life with Ranveer Singh, says he’s married to someone who ‘can’t relax’
|2016-17||Rs 1,521 crore|
|2017-18||Rs 4,862 crore|
|2018-19||Rs 10,745 crore|
|2019-20||Rs 9,115 crore|
|2020-21||Rs 8,434 crore|
|2021-22||Rs 12,814 crore|
|2022-23||Rs 15,920 crore|
Describing the rise as a remarkable achievement, Defence Minister Rajnath Singh said that “ our defence exports will continue to grow exponentially, under the inspiring leadership of PM Modi.”
The value of India’s defence export has increased tenfold since FY 2016-17, according to the details provided by Singh.Also ReadWatch | Defence College collapses amid heavy rainfall in Uttarakhand’s De...Independence Day 2023 Live: In address to nation on eve of 77th Independe...Full text | President Droupadi Murmu’s speech on the eve of 77th Independ...‘They are dealers, not leaders’: Retired judges, officers write to Presid...
The defence ministry targets to raise India’s annual defence exports to $5 billion by 2024-25. Towards this, it has brought in several new policies, such as earmarking 75% of its capital budget for 2023-24 towards procurements from domestic sources and three positive indigenisation lists of 3,738 items, with embargo on import beyond timelines specified against them.