GandhinagarIndia is looking at its highest ever defense exports this fiscal, with sales reaching Rs 8,000 crore in the first six months, as the Narendra Modi government tries to reduce its import dependence in the critical sector. has been
Defense Minister Rajnath Singh said on the sidelines of DefExpo 2022, “We have managed to export defense worth Rs 8,000 crore this year and we will surpass last year.” The equipment maker, which launched in Gandhinagar, Gujarat, on Tuesday.
India’s defense exports hit record Rs 13,000 crore In the 2021-2022 fiscal year, which was almost eight times higher than in 2014.
In 2020, the Narendra Modi government had set a target of Rs 35,000 crore ($5 billion) exports in aerospace, and defense goods and services for the next five years. This is part of the Rs 1.75 lakh crore ($25 billion) business in defense manufacturing that the government is aiming to achieve by 2025.
“It has been a transformational journey from being the largest importer of defense to now being an exporter. India is now among the top 25 defense exporters in the world,” Singh said while addressing the media.
75 countries are participating
Exports are one of the key objectives of the five-day DefExpo, during which two separate conferences – India-Africa Defense Dialogue (IADD) and Indian Ocean Region Plus (IOR+) will be held.
More than 53 African countries have been invited for the IADD and over 44 countries have been invited for the IOR+ conference, which will be chaired by Singh.
Singh said the IADD and IOR+ conclaves would be two very important events to promote peace, security, prosperity and defense cooperation across the region and to establish new defense and industrial partnerships.
Spread over one lakh square meters (sqm) (the previous edition was held in 76,000 sqm) and with a record registration of 1,340 companies, DefExpo 2022 is the largest defense exhibition ever.
At least 75 countries will participate in the exhibition.
Defense ministry officials said 451 partnerships, in terms of MoUs, transfer of technology agreements and product launches, are expected during DefExpo 2022, which is almost double as compared to the previous edition.
Defense establishment sources also said that India has developed indigenous small arms, Pinaka multi-barrel rocket launchers, weapon detection radars, Tejas fighter aircraft, light combat helicopters and BrahMos missiles, apart from unmanned aerial vehicles for surveillance. Defense identified as potential items.
While India has traditionally shied away from pursuing defense exports, the Modi government sees this as a tool to propel a larger defense ecosystem in the country.
“Export is the only way out. Indian Armed Forces can procure only a limited number. For companies to invest and manufacture, they would need a bigger market than just India and hence the government is trying to push exports,” explained a source.
Amid ongoing tensions with its rival Azerbaijan, Armenia entered into a government-to-government contract with India last month For the purchase of Pinaka systems apart from rockets and ammunition.
India inked a deal for the BrahMos missiles with the Philippines earlier this year and is looking at a possible sale of Tejas. to Egypt and Malaysia.
(Edited by Polomi Banerjee)
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