India’s defence exports multiplied 23 times in 9 years: Centre

New Delhi, May 31 (KNN) The central government on Tuesday said that military exports of India grew 23 times between the financial year FY14 and FY23.

While the spending on sourcing weapons and systems from foreign countries dropped from 46 per cent of the total expenditure in 2018-19 to 36.7 per cent in December 2022, as per government’s official statement.

Marking the central government’s achievements in different areas on its ninth anniversary the defence data reflects on the same.

“India’s defence exports have reached an all-time high, surging from Rs 686 crore in FY 2013-14 to nearly Rs 16,000 crore in FY 2022-23. This remarkable 23-fold increase reflects India’s progress in the global defence manufacturing sector,” the statement said.

Earlier this month, India announced that the value of defence production in the country crossed Rs 1 lakh crore for the first time on the back of key reforms to spur growth in the sector.

The figure stood at Rs 1,06,800 crore in 2022-23 compared to Rs 95,000 crore in 2021-22 and Rs 54,951 crore five years ago.

India produces a raft of weapons and systems including the Tejas light combat aircraft (LCA), different types of helicopters, warships, tanks, artillery guns, warships, missiles, rockets and a variety of military vehicles.

The country aims for a turnover of Rs 1,75,000 lakh crore in defence manufacturing by 2024-25.  (KNN Bureau)