India military hardware sale all time high
India's defence exports have reached an all-time high of Rs 15,920 crore in the financial year 2022-2023, according to Defence Minister Rajnath Singh. This is a remarkable achievement for the country and a ten-fold increase.
According to Rajnath Singh, India's defense exports have reached a record all-time high of Rs 15,920 crore in the fiscal year 2022–2023. This represents a significant accomplishment for the nation and a ten-fold increase over the Rs 1,521 crore in military gear exports from 2016–17.
According to official figures, the overall value of defense exports in 2021–2022 was Rs 12,814 crore. In 2020–21, Rs 8,434 crore; in 2019–20, Rs 9,115 crore; and in 2018–19, Rs 10,745 crore were the export values of India's military gear.
In addition, the government also plans to produce defense equipment worth Rs. 1,75,000 crore, increasing defense exports to Rs. 35,000 crore by an indeterminate year. The government's constant policy actions and the enormous contribution of the defense industry are responsible for the increase in India's defense exports.
According to Prime Minister Narendra Modi, the surge in defense exports is an obvious sign of support for the "Made in India" program. The "Made in India" project was introduced in 2014 to support domestic production and draw international capital.
The project intends to boost manufacturing's contribution to India's GDP and become a global powerhouse. In light of this, the growth in defense exports is encouraging for the Indian economy and the "Made in India" program.
Who does India export military hardware?
India exports its defense goods to several nations worldwide. Almost 50 private Indian enterprises have recently contributed to defense exports, according to the Department of Defense Production.
Italy, Sri Lanka, Russia, Maldives, Mauritius, Nepal, France, Egypt, Israel, Bhutan, United Arab Emirates, Saudi Arabia, Ethiopia, Philippines, Poland, Spain, and Chile are just a few the nations to which India has provided defense hardware and technology. In 2018–2019, India exported defense goods worth 10,500 crore ($1.47 billion).
Hindustan Aeronautics (HAL) Dhruv helicopters, BrahMos Aerospace supersonic cruise missiles, offshore patrol boats, coastal surveillance systems, avionics, chaff rocket launchers, and radar spare parts are a few of the defense items that India sells. Malaysia has also been presented with a Tejas light fighter jet by HAL.
In addition, BrahMos supersonic cruise missiles will be exported to the Philippines under a $375 million deal signed by the India-Russia joint company BrahMos Aerospace. The joint venture is negotiating additional orders with Indonesia, Malaysia, and Vietnam, intending to secure $5 billion in orders by 2025.
The Indian government is leading the effort to increase India's defense exports under the leadership of Prime Minister Narendra Modi and Defense Minister Rajnath Singh. The government has set a target of achieving defense exports worth $5 billion by 2024. In addition, it has taken several steps to boost exports, including granting nearly a thousand export authorizations in 2021 and creating a high-powered panel for swifter approvals to export military hardware. The government's focus on boosting exports is part of a broader strategy to increase weapons and systems' indigenization and leverage India's growing clout in the global arms market.
What are the most popular military hardware items exported by India?
To raise its defense exports fivefold to USD 5 billion by fiscal year (FY) 2024/25, India has identified over 230 military platforms, weapons, and systems for possible sales to friendly nations. A variety of locally created aerial, ground, and naval goods and licensed-built equipment are included on the export list. Some prospective exports are the BrahMos cruise missiles, the Pinaka multiple rocket launcher, the Astra beyond visual range air-to-air missile, the Nag anti-tank guided missile, and the Akash surface-to-air (SAM) missile.
The modern light helicopter, offshore patrol boats, personal protection equipment, surveillance systems, and various radars are just a few of the defense-related products that India has been exporting. The light combat aircraft, Astra air-to-air missile with beyond visual range capability, Akash surface-to-air missile system, tanks, sonars, and radars are examples of military equipment with export potential. The Philippines and India's BrahMos Aerospace have agreed to a contract for over $375 million for the Filipino Marines to purchase three batteries of the BrahMos cruise missile. The Solar Industries-produced Pinaka rocket launcher will be shipped to Armenia, and the export order will be fulfilled in two years.
Italy, Sri Lanka, Russia, Maldives, Mauritius, Nepal, France, Sri Lanka, Egypt, Israel, Bhutan, UAE, Saudi Arabia, Ethiopia, Philippines, Poland, Spain, and Chile are among the countries to which India has exported defense hardware and technology. For example, the joint venture that produces the BrahMos supersonic cruise missiles is currently exporting them to the Philippines and is negotiating with Indonesia, Malaysia, and Vietnam for additional orders. By 2025, it hopes to secure contracts totaling $5 billion.