SOURCE: AFI
A recent report by the American Chamber of Commerce in India (AMCHAM) reveals a significant shift in India’s defence export landscape. The report says that India’s defence exports in FY 2022-23 witnessed a tenfold jump compared to five years ago, reaching a total of $1.6 billion.
The US has emerged as India’s leading defence export partner, capturing over 50% of the market share. This comes on the heels of NSA Jake Sullivan’s visit to India, potentially indicating a strengthening partnership between the two nations in the defence sector.
The growing strategic partnership between India and the US might be a contributing factor. Increased collaboration on defence issues could be leading to more opportunities for US companies to participate in India’s defence export projects.
Efforts by the Indian government to streamline export procedures could be making it easier for US companies to do business in India. India’s focus on acquiring advanced defence technology aligns well with the US’s capabilities, leading to a natural fit for collaboration.