2024-07-26 17:23:36
India has significantly increased its defence production in the last few years, gradually moving from being an arms importer to an arms exporter.
As reported by Day.Az with reference to TASS, this is stated in an economic review prepared by the Ministry of Finance, presented to the country’s parliament.
The report notes that India’s defence production has grown significantly, from Rs 740 billion ($8.8 billion) in fiscal 2017 to Rs 1 trillion (nearly $12 billion) in fiscal 2023, leading to increased defence exports. “India has moved from being an arms importer to securing a place in the top 25 arms exporting countries,” the report says.
The study praised the efforts of the defense industry, including private and state-owned enterprises, to increase defense exports. In addition, the number of permits issued to exporters has increased.
“In FY23, 1,414 export approvals were issued, which increased to 1,507 in FY24. Around 100 domestic companies are exporting a wide range of defence products and equipment, including aircraft such as Dornier-228, artillery guns, BrahMos missiles, Pinaka missiles and launchers, radars, simulators and armoured vehicles,” the report said.
To boost defence exports, the Indian government has implemented several policies over the last 10 years, including simplifying export procedures, encouraging indigenous design, development and production of defence equipment, and providing funds to support private manufacturers.
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