In the past six to seven years, India’s defence sector has undergone considerable changes. The recent order of over ₹44,420 crore in defence orders given by the government speaks volumes about the changing dynamics of India’s defence sector. Today, India’s defence sector has grown so much that it is exporting defence products, rather than merely importing them. This is a testament to India’s growth story. Let us take a closer look at India’s journey from being an importer of defence products to an exporter.
THE CHANGING STORY
Globally, India has the second-largest defence force and is the third-largest military spender ($76.6 billion in 2021) after the US ($801 billion) and China ($293 billion). Among the top five arms importers, India was the biggest importer between 2017 and 2021.
The changing story of India’s defence sector from being an importer of defence products to an exporter can be largely attributed to prompt and consistent policy initiatives of the government.
According to official figures shared by the Press Information Bureau (PIB), India’s exports of defence products grew to ₹15,920 crore in FY23 from ₹1,521 crore in FY17. This amounts to growth of more than ten times in the value of exports of defence products done by India.
Today, India, which was known to be an importer of defence products, also exports major platforms like Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, and Mine Protected Vehicles, among others. India exports to over 85 countries.
Denne historien er fra April 2023-utgaven av Beyond Market.
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Denne historien er fra April 2023-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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