India’s Defence exports touch all-time high of 15 thousand 920 crore rupees

Tags: Economy/Finance Defence National News

Defence Minister Rajnath Singh on April 1 said that India’s defence exports have reached an all-time high of 15 thousand 920 crore rupees in Financial Year 2022-2023.

An overview of the news

• India exported military hardware worth Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20 and Rs 10,745 crore in 2018-19.

• The amount was Rs 4,682 crore in 2017-18 and Rs 1,521 crore in 2016-17.

• The government has set a target of manufacturing defense hardware worth Rs 1,75,000 crore and taking defense exports to Rs 35,000 crore by 2024-25.

• In recent years, the government has implemented various measures to promote domestic defense production.

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.