Defence Exports Skyrocket: FY2022-23 Witnesses ₹16,000 Cr Surge From ₹686 Cr in FY2013-14

India’s defense exports have hit an all-time high, going from Rs. 686 Crore in FY 2013-14 to about Rs. 16,000 Crore in FY 2022-23.

The Ministry of Information and Broadcasting said that this 23-fold increase shows how far India has come in the global defense manufacturing industry.

The ministry said, “With 100 companies exporting defense products to more than 85 countries, India’s defense industry has shown the world that it is good at designing and making things.”

The ministry made a point of saying that over the past nine years, the government has put in place a number of policy changes and measures to boost defense exports.”Spending from foreign sources on defense procurement has gone down from 46% of total spending in 2018-19 to 36.7% in December 2022,” it said.

The news release emphasized that India, which used to be known mostly as a buyer of defense weapons, is now also a major exporter of several important platforms. “These include planes like the Dornier-228, artillery guns, Brahmos missiles, PINAKA rockets and launchers, radars, simulators, and armored vehicles.”

Also, India, which has been the biggest importer of arms in the world over the last ten years, gets about half of its defense supplies from Russia.

In a statement from earlier, the Ministry of Defense said that India’s defense production had reached a major milestone by going over 1 trillion rupees ($12 billion) in FY23, which was an increase of over 12% from the previous year. India has been working hard to lower its reliance on imports from other countries, so this record-setting achievement is especially important.