INDIA'S DEFENCE EXPORT revenue touched a record high of ₹15,920 crore for FY23. This was more than 10 times New Delhi's defence export revenue of ₹1,521 crore during 2016-17. What makes this export record even more astonishing is that, only a decade ago, India was exporting arms worth a marginal ₹686 crore.
Given this context, India's quantum leap in defence export revenue is substantial and noteworthy.A range of policy, institutional, and technological factors has been responsible for this transition. Essential to the export upswing has been a change in the governmental approach-aiming to reduce the country's massive import dependency, while pushing the agenda on exports.
Though the rise in defence exports is to be lauded, India still remains the world's largest arms importer. Data from the Stockholm International Peace Research Institute (SIPRI) reveals that India accounted for more than 10% of global arms imports between 2012-17 and 2018-22. During 2012-17, India was the biggest arms importer in the world, accounting for 13% of the global tally. From 2018-22, New Delhi was again the biggest buyer, responsible for 11% of global defence imports.
Despite its recent trajectory, India still has far to go before emerging as a major arms exporter like the US, France, Russia, and Israel. New Delhi will take even longer to create external dependencies on its military-industrial complex like these dominant players. However despite this gulf-India's momentum is currently in the right direction.
This story is from the December 13, 2023 edition of Financial Express Mumbai.
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This story is from the December 13, 2023 edition of Financial Express Mumbai.
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