Ministry of Defence (MoD) data indicates that India's defence exports reached a record ₹22,000 crore ($2.63 billion) in 2023-24. This amounts to a startling 31-fold growth over the past decade since 2013-14. Exports growth is showing no signs of diminishing either. Rather, exports have risen 32.5 per cent over the previous financial year (2022-23). And in the first quarter of 2024-25, defence exports surged to ₹6,915 crore - a 78 per cent increase over the ₹3,885 crore exported in the same period the previous year.
Last Monday, defence exports got another boost. An Indian private defence manufacturer, Tata Advanced Systems Limited (TASL), announced an agreement with Morocco's Royal Armed Forces for assembling armoured troop carriers - referred to as wheeled armoured platforms, or WhaP8x8 - in a new manufacturing unit in Casablanca, Morocco. This will be the first defence manufacturing plant established outside India by an Indian defence original equipment manufacturer and Morocco's first large-scale defence manufacturing plant. Given the WhaP's size, protection, versatility and affordability, it is expected to present an attractive buy for African militaries that are combating insurgencies. TASL regards Morocco as a launch customer for cracking the African arms bazaar.
The sharp uptick in India's defence exports is due partly to our migration up the valuation ladder. As recently as a decade ago, India's defence exports consisted mainly of low-cost ammunition and weaponry. Today, New Delhi is pursuing the sale of high-value weapons platforms, such as the Tejas light fighter aircraft, Pinaka multi-barrel rocket launchers and even the sophisticated BrahMos surface-to-surface cruise missile, to East Asian customers such as Vietnam, Malaysia and the Philippines. The sale of one unit of BrahMos is estimated to be worth about $365 million - approximately the same as an entire year's defence export sales a decade ago.
Denne historien er fra October 04, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 04, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Industry bodies urge FinMin to ease TDS rate structure
Proposal seeks to lessen compliance burden on taxpayers and avoid litigation
After SC rap, Centre doubles penalty for stubble burning
Burning issue
Proactively made all disclosures, recusals: Sebi WTM on Cong's charges
Ananth Narayan, whole-time member (WTM), the Securities and Exchange Board of India (Sebi), has responded to allegations of conflict of interest due to personal investments.
Market regulator may water down skin-in-game rules for MF executives
The Securities and Exchange Board of India (Sebi) has shown intent to relax the skin-in-the-game norms applicable to senior executives of the mutual fund (MF) industry.
MSCI adds 5 Indian stocks to key index
MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weighting on the index to 20 per cent, further narrowing the gap with China.
Trump's triumph: Will bulls run amok and gold, silver sparkle?
Top brokerages highlight opportunities, risks, and contradictions the new administration may offer
REIMAGINING ROLE OF AGRICULTURE
In the changed context of economic development, agriculture is seen playing a much larger role than perceived in the dominant thinking in development economics
Inside the world of mad billionaires
Two things about this book and its authors. One, this is the most unputdownable non-fiction that I have read this entire year.
Funding education
Easy financial assistance is not enough
Policy approach
RBI is acting selectively and with care
