India's Defence Exports Rise To Over Rs 13,000 Crore, Spending On Foreign Defence Procurement Drops To 36.7 Per Cent
India’s defence exports have increased to Rs 13,399 crore, while reliance on weapons imports have come down to 36.7 per cent from the earlier 46 per cent.
The Minister of State for Defence, Ajay Bhatt has released data in a written reply in Rajya Sabha today (13 March), which shows that the defence expenditure on imports has come down from the earlier 46 per cent of overall expenditure in 2018-19, to just 36.7 per cent till December 2022.
The data released today (13 March) also shows that defence exports have also increased from the earlier Rs 12,815 crore to Rs 13,399 crore till March 2023.
This data shows that the Narendra Modi-led central government's push on Atmanirbhar Bharat or self-reliant India has finally begun to show results.
The reduction in Indian defence imports, as highlighted by recent data, underscores the growing need for localisation in defence production, particularly in light of the ongoing conflict between Russia and Ukraine.
The Government of India has put a target of exporting weapons worth more than $5 billion or more by 2025.
At present, India exports arms and ammunition to 80 countries.
Earlier, India signed a deal to export the BrahMos Missile to the Philippines at a cost of $375 million.
India also signed a deal with Armenia to export Pinaka multi-barrel rocket launcher, ammunition and anti-tank missiles worth Rs 2,000 crore.
Moreover, an Indian private firm Bharat Forge signed another deal to export self propelled Howitzers to Armenia, at a cost of $155 million.
The government has earlier launched the Innovations for Defence Excellence (iDEX) framework for encouraging self-reliance in the defence sector.
Additionally, the government has approved a technology development fund scheme to encourage micro, small and medium industries to design and develop various defence technologies, as well.
The data released says that the government has, till 28 February, released funds to 139 iDEX winners for fostering innovation and technology development in defence and aerospace.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.