New Delhi: India’s defense exports reached an all-time high of approximately Rs 160 billion (1.94 billion U.S. dollars) during the financial year 2022-23, said data released by the Ministry of Defense on Saturday.
The amount marks a rise of around Rs 30 billion(USD 365 million) over the previous financial year, and a more than 10 times rise since 2016-17.
Expressing delight at this development Raksha Mantri Rajnath Singh Tweeted, “India’s defence exports have reached an all-time high of Rs 15, 920 crore in FY 2022-2023. It is a remarkable achievement for the country. Under the inspiring leadership of PM Shri @narendramodi, our defence exports will continue to grow exponentially.”
PM Modi also noted this development and said that this is the manifestation of the nation’s potential and a result of the reforms carried out by the government
“Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.”
The Ministry in a statement said “India is now exporting to over 85 countries. Indian industry has shown its capability of design and development to the world, with 100 firms exporting defense products at present,”
In order to boost defense product export, the Indian government in the past five to six years took a number of policy initiatives and carried out reforms, including streamlining export procedures and making the industry more friendly in doing business with end-to-end online export authorization to curtail delays.