At Rs 11,607 Crore In FY22, Value Of India's Defence Exports Grows Nearly Six Times Since 2014-15: Govt

The government has informed the Parliament that the value of India's arms exports has grown approximately by six times since 2014.

Further, defence exports worth Rs 11,607 crore have been registered in the ongoing financial year till 21 March.

"Since 2014 till date, the value of Defence Exports of India has grown approximately by six times," Union Minister of State in Ministry of Defence Ajay Bhatt said in a written reply to a question in the Lok Sabha on Friday (25 March).

From Rs 1,941 crore in the 2014-2015 fiscal, the value of defence exports has risen to Rs 11,607 crore in 2021-2022 till March 21, he said.

“During this period, many reforms/steps have been taken up by the government to boost defence exports and enhance ease of doing business,” he said.

While standard operating procedures for the export of munitions list items have been simplified, powers have also been delegated to DRDO and CMDs of defence PSUs to explore export opportunities and participate in global tenders.

The corporatisation of the Ordnance Factory Board and its 41 factories into seven defence PSUs will also help in boosting exports, he said, reports Times of India.

It should be noted that the government has set an annual export target of $5 billion, or Rs 36,500 crore) by 2025.