Government’s conducive policies are making India a competitive & dependable manufacturer of defence equipment globally.
The Union Minister of State in Ministry of Defence, Ajay Bhatt said that “the value of arms exports in India has grown approximately by six times since 2014, with the ongoing financial year registering Rs 11,607 crore till now.”
The value of defence exports has increased to Rs 11,607 crore in 2021-22 from Rs 1,941 crore in FY15. During this period, many reforms/steps have been taken up by the government to boost defence exports and enhance ease of doing business.
The year-wise details of value of exports are as follows:
|Year||2014-15||2015-16||2016-17||2017-18||2018-19||2019-20||2020-21||2021-22 (till 21.03.2022)|
Mr. Ajay Bhatt said that while standard operating procedures for the export of munitions list items have been simplified, powers have also been delegated to DRDO and CMDs of defence PSUs to explore export opportunities and participate in global tenders. The corporatisation of the Ordnance Factory Board and its 41 factories into seven defence PSUs will also help in boosting exports.
The Indian government has set an ambitious annual export target of around Rs 36,500 crore (USD 5 billion) by 2025. Mr. Ajay Bhatt said that the corporatisation of the Ordnance Factory Board (OFB) and its 41 factories into seven defence PSUs will also help in boosting exports.
A major export deal inked in January this year was the USD 375 million (Rs 2,770 crore) contract to export BrahMos supersonic cruise missiles to the Philippines, which will pave the way for more such deals with the country as well as other ASEAN countries like Indonesia and Vietnam. India is currently in talks with countries, including Saudi Arabia and UAE, to export the BrahMos missiles and the Akash air defence missiles.