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.
Bu hikaye Beyond Market dergisinin April 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Beyond Market dergisinin April 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
