Diabytes
Defence exports News
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In a major boost to defence exports, wide range of items from ammunition, arms, sub-systems/systems and parts and components have been exported to around 80 countries in the just-concluded fiscal.
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India's defence exports reached a record Rs 21,083 crore (approximately USD 2.63 billion) in the financial year 2023-24, marking a 32.5 per cent increase from Rs 15,920 crore in the previous fiscal year.
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India is not only a major market globally but a vast opportunity for the world as well, he said, asserting that Uttar Pradesh is going to be one of the biggest defence manufacturing hubs in India. Lack of proper policy initiative in the last several decades made India the biggest importer of defence platforms, he added.
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India's defence exports could exceed Rs.1,200 crore this year, Defence Minister Manohar Parrikar said.
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Advocating for a larger role for India in the Indian Ocean Region and ASEAN, which are witnessing an increased Chinese influence, Defence Minister Manohar Parrikar today hinted at the possibility of having a more liberalised defence exports regime for friendly nations.
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