India's defence exports increased 23 times since 2014

Tags: National Economy/Finance National News

India's defence exports have grown 23-fold since 2014, reaching an all-time high of nearly Rs 16,000 crore in the last financial year.

An Overview of the News

• The development reflects India's progress in the global defence manufacturing sector.

• The country's defence industry has shown its capability in design and development by exporting to more than 85 countries.

• Presently, 100 firms are exporting defence products from India.

• The Government has implemented policy initiatives and reforms in the last nine years to boost defence exports.

• The Atma Nirbhar Bharat initiative encourages indigenous design, development and manufacturing of defence equipment, thereby reducing dependence on imports in the long run.

• Expenditure on defence purchases from foreign sources has declined from 46% in 2018-19 to over 36% in December last year.

• India currently exports aircraft (Dornier-228), artillery guns, BrahMos missiles, Pinaka rockets and launchers, radars, simulators and major platforms such as armoured vehicles.

• There is a growing global demand for India's indigenous products including LCA-Tejas, Light Combat Helicopter, Aircraft Carrier and MRO activities.

'Atmanirbhar Bharat':

• Atmanirbhar Bharat translates to 'self-reliant India' and is a concept promoted by Prime Minister Narendra Modi for the economic development of India.

• It aims to make India more efficient, competitive and resilient in the global economy.

• Modi first used the term in 2014 while focusing on national security, poverty alleviation and Digital India initiative.

• Educational institutions like Visva-Bharati University played a role in furthering self-reliance in education.