SOURCE: IDRW.ORG
India’s defence exports have reached a historic milestone, clocking in at a record Rs 21,083 crore in the financial year 2023-24. This marks a significant achievement and highlights the growing capabilities of the Indian defence industry.
Defence Minister Rajnath Singh has set a new target for the future – exporting over Rs 50,000 crore worth of defence equipment by 2028-2029. This ambitious goal reflects the government’s commitment to fostering a robust domestic defence industry and positioning India as a major player in the global arms market.
The Ministry of Defence (MoD) is actively working towards this target by including a wider range of Indian-made weapons systems in the export list. This includes equipment manufactured by both public sector companies and private firms. The aim is to aggressively promote these systems in the international market.
Currently, weapons systems need individual export clearance from the MoD. This can be a time-consuming process, especially for private companies. To address this, the MoD is considering including private sector-developed systems in a pre-approved export list. This move would streamline the process and make Indian defence exports more competitive.
The growth in defence exports is not just a strategic win, but also a significant economic boost. It creates jobs, stimulates technological advancements, and attracts foreign investment. By empowering the private sector and simplifying export procedures, India can further capitalize on this opportunity.
India’s growing defence exports potential is a positive development. With continued focus on innovation, streamlining procedures, and promoting domestic industry, India is well-positioned to achieve its ambitious export target and become a major force in the global defence market.
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