India's defence exports reach all-time high of ₹15,920 crore in 2022-23
India’s defence exports reached an all-time high of Rs 15,920 crore in the financial year 2022-2023, Defence Minister Rajnath Singh said on Saturday (April 1) describing the rise as a remarkable achievement.
The country’s defence exports in 2021-22 was Rs 12,814 crore, according to official data.
“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,” Singh said on Twitter.
Also read: India’s defence exports target at $5 billion by FY25: Modi at Aero India
“Under the inspiring leadership of PM Shri @narendramodi, our defence exports will continue to grow exponentially,” he said.
Replying to Singh’s tweet, Prime Minister Narendra Modi wrote, “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.”
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. https://t.co/AL3sLknFOL
— Narendra Modi (@narendramodi) April 1, 2023
India exported military hardware worth Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20, and Rs 10,745 crore in 2018-19, according to details provided by Singh.
Also read: India targeting defence exports worth Rs 35,000 cr by FY 2025 end: Rajnath Singh
The amount in 2017-18 was Rs 4,682 crore and Rs 1,521 crore in 2016-17. The government has set the target of manufacturing defence hardware worth Rs 1,75,000 crore and taking defence exports to Rs 35,000 crore by 2024-25.
In the last few years, the government has taken a series of measures to promote domestic defence production.
