Defence - #SectorUpdates
India clocked the highest ever defence exports of Rs 12,815 crore in 2021-22. This was a 54.1 percent rise over the previous year. It is pertinent to note that the exports in the financial year 2022 were almost eight times what they were about five years back. According to the reports, India’s defence exports were worth Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20, and Rs 2,059 crore in 2015-16. Riding on the back of multiple defence initiatives, India exported around Rs 1,387 crore worth of defence-related exports during the first quarter of the financial year 2022-23 (April-June). India’s defence exports are mainly to countries like the US, the Philippines, and other countries in South-East Asia, the Middle East, and Africa. In sync with the Government of India’s policy for boosting domestic manufacturing, the Defence Ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which will include export of Rs 35,000 crore.