India’s Defence exports reach an all-time high of approx. Rs 16,000 Cr in 2022-23

India’s Defence Exports have reached an all-time high of approx. Rs 16,000 Crores, almost Rs 3,000 Crores more than the previous financial year. It a rise of over 10 times since 2016-17. Besides, as per the Defence Minister Rajnath Singh, India’s Defence Exports will rise up to Rs 40,000 Crores By 2026. Details are given below:

Notably, India is now exporting to over 85 countries. Indian industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present. Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms are some of the major defence platforms that are being exported from India. Besides, there is growing global demand of LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities etc.

To give a push to India’s defence exports, Government has taken a number of policy initiatives and brought reforms over the last 5-6 years; some of these include:-

• Export procedures have been simplified and made industry friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business.
• Government has notified three Open General Export License (OGEL) for export of Parts and Components/Transfer of Technology/Major Platforms and Equipment. OGEL is one-time export license, which permits the industry to export specified items to specified destinations, enumerated in the OGEL, without seeking export authorisation during the validity of the OGEL.

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1912885

Image Source: https://twitter.com/rajnathsingh/