India's defence exports increased seven times in the last eight years

Tags: Defence

PM Modi informed that India's defence exports have increased seven times in the last eight years. 

Important facts

• India had achieved defence exports worth ₹13,000 crore and of this 70% was from the private sector.

• India’s defence imports have decreased by about 21% in the last four to five years.

• India is moving fast from being the “biggest defence importer to a big exporter”.

India’s Defence Exports

• India has put up a range of military hardware for sale which includes various missile systems, Light Combat Aircraft (LCA), helicopters, warships and patrol ships, artillery guns, tanks, radars etc.

• More than 30 Indian defence companies have exported arms and equipment to countries like Italy, Maldives, Sri Lanka, Russia, France, Nepal, Mauritius, Sri Lanka, Israel, Egypt, United Arab Emirates, Bhutan, Ethiopia etc.

• From 2016-17 to 2018-19, the country's defence exports increased from ₹1,521 crore to ₹10,745 crore, showing an astonishing growth of 700%.

Steps taken by the Government to boost defence production

• Simplified defence industrial licensing, relaxation of export controls and grant of No Objection Certificate.

• Specific incentives introduced under the foreign trade policy

• Defence Production & Export Promotion Policy 2020

• The government had issued two "positive indigenization lists" which included 209 items that could not be imported.

• The government has also announced two dedicated corridors in Tamil Nadu and Uttar Pradesh to act as clusters of defense manufacturing.

The vision of the government

• To achieve a turnover of $25 billion, including exports of $5 billion in aerospace and defence goods and services by 2025.