Prime Minister Narendra Modi addressed a jubilant crowd at the India Today Conclave on March 16, 2024, and declared his intent towards making India a net exporter of defence products over the next five years. On April 1, 2024, Defence Minister Rajnath Singh announced that India’s defence exports have surged to a whopping figure of Rs. 21,000 crores in the Financial Year 2023-24. For the year 2024-25, the target is Rs 1,75,000 crore worth of total annual defence production, including defence exports worth Rs 35,000 crore. While Prime Minister Narendra Modi’s strategic vision is to see India emerging as a $5 trillion economy and as a first-rung global military power during his third term, defence exports remain a work in progress.
Boosting defence exports
Earlier, India was known to be an arms importer. But today, the country has come out of our comfort zone and found a place in the list of top 25 arms exporter nations. Seven-eight years ago, defence exports did not even touch Rs 1,000 crore. Today, it has touched Rs 16,000 crore. By 2028-29, annual defence production is expected to touch Rs 300,000 crore and defence exports Rs 50,000 crore. While the government is supporting big corporations, it is also inviting young ignited minds to the defence sector through start-ups, terming it another step taken for the long term. Effective steps were taken to promote start-ups at the recent meeting of the Defence Acquisition Council, in which procurement from start-ups, payment terms, eligibility, etc. have been liberalised.
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