From ₹686 crore in the fiscal year 2013-14 to the promising figure of ₹21,083 crore in FY 2023-24, the exports increased by 30 times. This surge mirrors international trust in Indian defense products and technologies.
The products turned out by the Indian defence industry today find their way to more than 85 countries in Southeast Asia, the Middle East, Africa, and Latin America. This proves the fact that the industry is fully capable concerning designs and development; there are some 100 companies involved in defence exports. The government took several policy initiatives to support these exports through the 'Make in India' initiative and a slew of economic reforms in the past decade.
Government policies have made export processes so business-friendly that end-to-end online export authorization systems reduce delays to a great extent and enhance the Ease of Doing Business. Besides, Atmanirbhar Bharat initiatives promoting local design, development, and manufacturing of defence equipment are finally taken up to reduce dependence on imports over some period of time. In fact, what is best has been the role of private enterprise in defense equipment making, with Larsen & Toubro, Tata Advanced Systems Limited, and Bharat Forge at the very front.
In the fiscal year 2023-24, the share of defense production value contributed by the Defense Public Sector Undertakings and other public sector Undertakings was about 79.2 percent while approximately 20.8 percent was contributed by the private sector. The trend of data clearly indicates continuous growth in defense production by the DPSUs/PSUs as well as by the private sector companies. The country's defense export portfolio includes missiles, radars, naval systems, helicopters, and surveillance equipment.
Indigenization of advanced naval systems for the export market has made considerable progress. In this regard, aircraft carrier INS Vikrant is an important achievement. Other exportable products in this category include fast-attack naval craft, offshore patrol vessels, and a range of weapon systems for maritime forces. More recently, one successful export item is the BrahMos supersonic cruise missile developed jointly with Russia. The Philippines was the most recent customer apart from others.
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