Close X
Sunday, November 24, 2024
ADVT 
India

India’s defence exports shoot up by 78 pc in April-June

Darpan News Desk IANS, 13 Aug, 2024 11:39 AM
  • India’s defence exports shoot up by 78 pc in April-June

New Delhi, Aug 13 (IANS) India’s exports of military hardware have recorded a 78 per cent jump to Rs 6,915 crore in the April-June quarter of the current financial year (2024-25) from Rs 3,885 crore in the same quarter of 2023-24 reflecting the continuing growth in the defence sector as the country marches towards the Atmanirbhar Bharat goal.

According to the Economic Survey 2023-24, tabled in Parliament on July 22, India recorded its highest-ever defence exports, totalling $2.5 billion (Rs.20,915 crore) in FY 2023-24. This marks a 25 per cent increase from $2 billion in FY 2022-23, reflecting a consistent upward trajectory over recent years.

"India's defence exports have grown over 12 times since FY 2017, highlighting the country's commitment to becoming a significant player in the global defence market," the survey stated.

This impressive growth is attributed to the increased number of export authorisations granted to defence manufacturers, which rose to 1,507 in FY 2024 from 1,414 in FY 2023, it added.

Defence Minister Rajnath Singh recently said the Modi government has prioritised the defence sector and along with the promotion of indigenous manufacturing was aiming at an export target of Rs 50,000 for military hardware by 2028-29.

He said the government had corporatised the ordnance factories which had made them more technology-friendly and increased accountability which has resulted in an increase in production. He said the government has also put its trust in indigenous companies such as Hindustan Aeronautical Limited, Tata and L&T to boost the defence sector.

With exports reaching more than 85 countries across Southeast Asia, the Middle East, Africa and Latin America., India’s defence industry has shown its capability of design and development to the world, with around 100 firms exporting defence products at present, a senior official said.

To give a push to defence exports, the government has taken a number of policy initiatives like “Make in India” and rolled out economic reforms over the last 10 years. Export procedures have been simplified and made industry-friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business, he added.

A significant development has been the emergence of the private sector as a supplier of defence equipment with companies such as Larsen & Toubro, Tata Advanced Systems, and Bharat Forge emerging as major players.

Of the total value of production in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8% by the private sector. The official data show that in terms of absolute value, both DPSUs/PSUs and the private sector have recorded steady growth in defence production.

India’s export basket of defence products includes missiles, radars, naval systems, helicopters, and surveillance equipment.

India has made substantial progress in the indigenous production of advanced naval systems that also cater to the export market. Advanced platforms like the INS Vikrant aircraft carrier highlight the achievement in this segment. Fast-attack naval craft, offshore patrol vessels, and various maritime weapon systems are other products that are being exported. The export of BrahMos supersonic cruise missiles, developed jointly with Russia, has been another major achievement, with countries like the Philippines purchasing the system recently.

MORE India ARTICLES

'INDIA bloc will take a final call', Rahul Gandhi on sitting in Opposition or taking shot at govt formation

'INDIA bloc will take a final call', Rahul Gandhi on sitting in Opposition or taking shot at govt formation
Giving his first reactions on the impressive numbers achieved by his party and the INDIA bloc partners in the Lok Sabha elections, Congress leader Rahul Gandhi said on Tuesday that it was a fight to save the Constitution and the Constitutional institutions from the persistent onslaught of the ruling party.

'INDIA bloc will take a final call', Rahul Gandhi on sitting in Opposition or taking shot at govt formation

Delhi HC denies bail to bizman Amandeep Dhall in excise policy case

Delhi HC denies bail to bizman Amandeep Dhall in excise policy case
The Delhi High Court on Tuesday denied bail to Amandeep Singh Dhall, director of Brindco Sales Private Limited, in connection with the excise policy case. Justice Swarana Kanta Sharma dismissed Dhall’s plea for regular bail in the case registered by the Central Bureau of Investigation (CBI).

Delhi HC denies bail to bizman Amandeep Dhall in excise policy case

Rashtrapati Bhavan closed for general public ahead of swearing-in-ceremony

Rashtrapati Bhavan closed for general public ahead of swearing-in-ceremony
Following the preparation for the forthcoming event of the swearing-in-ceremony of the Council of Ministers at Rashtrapati Bhavan, the visit in Circuit -1 will remain closed for the general public from June 5 to 9, an official said on Tuesday. A meeting of the Union Cabinet is also expected to be held on Wednesday, under the leadership of Prime Minister Narendra Modi.

Rashtrapati Bhavan closed for general public ahead of swearing-in-ceremony

PM Modi wins historic 3rd term

PM Modi wins historic 3rd term
India’s Prime Minister Narendra Modi, who claimed victory for his alliance in an election seen as a referendum on his decade in power, is a popular but polarizing leader who has presided over a fast-growing economy while advancing Hindu nationalism. Modi, 73, is only the second Indian prime minister to win a third straight term.

PM Modi wins historic 3rd term

LS polls: All set for counting on Tuesday amid Exit Poll projections of PM Modi’s third term

LS polls: All set for counting on Tuesday amid Exit Poll projections of PM Modi’s third term
With the counting of votes for all seven phases of Lok Sabha elections scheduled for Tuesday, anticipation is mounting to see if the Exit Poll projections align with reality. Many pollsters have forecast a third consecutive term for Prime Minister Narendra Modi, making it a focal point of discussions.

LS polls: All set for counting on Tuesday amid Exit Poll projections of PM Modi’s third term

Hyderabad student goes missing in US

Hyderabad student goes missing in US
A 23-year-old Indian student from Hyderabad has been missing in the US state of California since May 28 and police have sought public help to locate her. Nitheesha Kandula, a student of California State University, San Bernardino (CSUSB), was last seen in Los Angeles on May 28.

Hyderabad student goes missing in US