Categories: NewsTech & Auto

Big increase in defense exports

The country’s defense exports reached the level of Rs 21,083 crore in the financial year 2023-24, which is 32.5 percent more than in 2022-23. If this huge increase is compared with the financial year 2013-14, then exports have increased 31 times in the last decade. If we compare the growth of the years 2004-05 and 2013-14 and 2014-15 and 2023-24, exports have increased 21 times. Defense products worth Rs 4,312 crore were exported between 2004-05 and 2013-14, while this figure reached Rs 88,319 crore in the period 2014-15 to 2023-24. From these figures, rapid growth in the field of defense production can be easily estimated. In recent years, the Central Government has taken many important decisions for the development of the defense sector.

The most prominent among these is permission for private participation and foreign investment in the defense sector. Due to this, along with investment, facilities for acquiring technology also increased and new employment opportunities were also created. With the increase in technology and resources, there has also been progress in research and development. The success of policy reforms can be gauged from the fact that 60 percent contribution in exports is from the private sector and 40 percent share is from defense public sector undertakings. Prime Minister Narendra Modi has rightly called this achievement an expression of the country’s growing potential. The second main reason for increase in production and exports is that the government is giving priority to products made in the country for its defense needs.

The government has made a list of many things, which can be purchased only in the country, that is, they cannot be imported. This list is revised from time to time and new products are added to it. The second positive aspect of this decision is that by purchasing within the country, we are saving valuable foreign exchange and our dependence on imports is also decreasing. Policy reforms and government procurement are also encouraging quality production. Due to these efforts, confidence in Indian defense products has increased in various countries and they are increasing their imports from India. Digital system has also helped in promoting defense exports. This has made the entire process faster and transparent. Apart from being an economic subject and contributing to making the country self-reliant, defense exports are also important from strategic and military point of view. This not only strengthens our defense capability but also improves strategic relations with importing countries.

Harshita

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