Close X
Thursday, November 28, 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

4 killed in Rajasthan accident

4 killed in Rajasthan accident
Four people were killed while 13 others injured when a bus hit a truck on the National Highway in Halena village in Rajasthan's Bharatpur district. The incident occurred when the bus, belonging to Aligarh depot of Uttar Pradesh Roadways, which was proceeding towards Jaipur, hit a truck while trying to overtake a vehicle, one of the passengers said.

4 killed in Rajasthan accident

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab
A total of 328 candidates, including 26 women, will be in the fray for the 13 Lok Sabha seats in Punjab, 50 more than 2019, Chief Electoral Officer Sibin C. said on Friday. The state will go to the polls in a single phase on June 1, the seventh and final phase of the ongoing Lok Sabha elections.

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26
A Mumbai court on Friday sent Bhavesh Bhinde, the owner of the gigantic hoarding that crashed in Ghatkopar claiming 16 lives, to police custody till May 26. Bhinde, Director of EGO Media Pvt Ltd., was arrested from Rajasthan's Udaipur town on Thursday and brought to Mumbai.

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26

Kejriwal has lost his mind after going to jail: Yogi Adityanath

Kejriwal has lost his mind after going to jail: Yogi Adityanath
Uttar Pradesh Chief Minister Yogi Adityanath, on Thursday said that his Delhi counterpart Arvind Kejriwal had lost his mind after going to jail. Yogi Adityanath said this while responding to claims made by Kejriwal earlier in the day during a press conference in Lucknow. The Aam Aadmi Party (AAP) convener claimed that there was a plan to remove Yogi Adityanath as Chief Minister if the BJP retains power.

Kejriwal has lost his mind after going to jail: Yogi Adityanath

Heavy rainfall lashes Hyderabad, inundates low-lying areas

Heavy rainfall lashes Hyderabad, inundates low-lying areas
Heavy rainfall along with a thunderstorm on Thursday brought Hyderabad to its knees, inundating low-lying areas and causing huge traffic jams. The city witnessed a cloudburst like conditions with heavy downpour lasting for an hour on Thursday evening.  

Heavy rainfall lashes Hyderabad, inundates low-lying areas

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17
Among the top leaders who will attend and address the public meeting at Bandra Kurla Complex grounds include Congress President Mallikarjun Kharge, Nationalist Congress Party (SP) President Sharad Pawar, Shiv Sena (UBT) President and ex-CM Uddhav Thackeray.

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17