India’s defense exports: Defense Minister Rajnath Singh said on Monday that India’s defense exports reached a new high of ₹21,083 crore in the fiscal year 2023–24, which is 32.5% more than the previous fiscal year.
Rajnath Singh, the defense minister, said that the “defence ministry has taken several initiatives to spur India’s defense manufacturing and exports.” He pointed out that the number of private sector and Defence Public Sector Undertakings (DPSUs) has grown a lot over the years.
“The Defense Ministry has taken several initiatives to spur India’s defense manufacturing and exports under the visionary leadership of Prime Minister Shri Narendra Modi,” he continued.
A month prior, Rajnath Singh, the Minister of Defence, praised India’s defense manufacturing capacity, citing it as an example of “Atmanirbhar Bharat.”
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“We produce defense goods worth an astounding one lakh crore overall. Try to figure it out by writing down the number on a sheet of paper in digits. This demonstrates that India is becoming self-sufficient (atma nirbhar) and that foreign leaders recognize that India will own the 21st century “before, the minister of defense said.
India’s transition from an exporter to an importer of defense
Last year, India’s defense production capacity was much increased, and this led to increases in exports. The year prior, defense exports surged, a historic achievement noted by the Ministry of Defense.
The surge in demand for Indian defense items including as aircraft carriers, light combat helicopters, LCA-Tejas, and more worldwide, drove the growth in exports.
A Mint report claims that India is selling its defense equipment made domestically to more than 85 nations, demonstrating the strength of its defense sector. More than a hundred companies are already exporting defense goods. Several highly advanced defense weapons, including as Brahmos missiles and 155 mm Advanced Towed Artillery Guns, have been transferred to other nations.
