India's Defence Exports Surge by 78% in 2024-2025

ENA Sectors 2024-08-23 18:21:42 New Delhi, Aug 23 (KNN) India has emerged as a significant player in the global defence export market, with a dramatic 30-fold increase in exports over the past decade. The country now supplies military hardware to over 90 nations, a testament to its growing influence in the international arms trade. Recent data highlights this remarkable growth. In the first quarter of 2024-2025, India's defence exports surged by 78 per cent, reaching Rs 6,915 crore (USD 834 million). This surge is attributed to global conflicts driving increased military spending worldwide. The Indian government, under Prime Minister Narendra Modi, has been instrumental in this transformation. Since 2014, policies streamlining licensing procedures and allowing exports of lethal weaponry have been implemented. The government set an ambitious target of Rs 35,000 crore (USD 5 billion) in defence exports by 2025, part of a broader strategy to boost defence manufacturing. Surprisingly, the United States has become the largest importer of Indian defence products, accounting for nearly 50 per cent of total exports. This relationship is primarily driven by American aerospace giants Boeing and Lockheed Martin, who have established significant manufacturing operations in India. India's export portfolio is diverse, ranging from ammunition and small arms to sophisticated systems like lightweight torpedoes and drones. Both private companies and state-run enterprises have contributed to this growth. Bengaluru-based Indo-MIM has emerged as India's top private defence exporter, while state-run Munitions India has achieved significant milestones in ammunition exports. High-profile deals, such as the BrahMos missile contract with the Philippines and agreements with Armenia, have further solidified India's position. The government is also focusing on creating a comprehensive defence ecosystem, including establishing private assembly plants for military aircraft and developing India as a Maintenance, Repair, and Overhaul (MRO) hub. As India continues to enhance its manufacturing capabilities and expand its global engagements, it appears well-positioned to achieve its ambitious export targets. This transformation not only boosts India's economy but also enhances its strategic influence on the world stage, marking a significant shift in the global defence industry landscape. (KNN Bureau) 39054 https://knnindia.co.in/news/newsdetails/sectors/indias-defence-exports-surge-by-78-in-2024-2025 2024-08-23 18:21:42 knnindia.co.in India's Defence Exports Surge by 78% in 2024-2025