When Prime Minister Narendra Modi took a sortie in India's indigenous Tejas light combat aircraft (LCA) in November '23, he was not just showcasing the military might of the country but was also advertising a fine aircraft, which can take India's defence exports to new heights.
In April this year, Defence Minister Rajnath Singh announced that India's defence exports reached a record ₹21,083 crore in fiscal year 2023-24, a remarkable growth of 32.5% from the preceding fiscal year's ₹ 15,920 crore, and a quantum leap over 2014 when the defence exports were just ₹ 900 crore.
This fresh record takes the defence exports closer to the target of $5 billion set by PM Narendra Modi by FY25. The government aims to significantly ramp up defence production to ₹ 3 lakh crore by 2028-29, with exports targeted at ₹ 50,000 crore.
Over the past decade, defence exports have skyrocketed, expanding by 21 times from ₹ 4,312 crore (2004-05 to 2013-14) to ₹ 88,319 crore (2014-15 to 2023-24). This was propelled by the government's robust push for indigenization, aligning with India's aspirations for a larger strategic role and its pursuit of becoming the world's third-largest economy.
India's stride towards defence self-reliance is reflected in the establishment of a robust defence-industrial complex, involving 100 firms including major corporates like L&T, Godrej, and Adani, alongside PSUs, start-ups, and research bodies.
India's expanding defence exports span a wide array of products, including BrahMos missiles, Dornier-228 aircraft, ALH helicopters, SU avionics, artillery guns, radars, torpedoes, drones and more. The integration of hundreds of Indian Micro, Small, and Medium Enterprises (MSMEs) into global defence Original Equipment Manufacturer (OEM) supply chains, coupled with this surge in exports, positions India favourably for continued growth.
Bu hikaye Beyond Market dergisinin April, 2024 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, 2024 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
