India's defence exports increased 23 times since 2014

Tags: National Economy/Finance National News

India's-defence-exports-increased-23-times-since-2014India'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.

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