India's defence exports zoom 700% in two years to Rs10,745 cr

Export of defence equipment from India rose from Rs1,521 crore in 2016-17 to Rs10,745 crore in 2018-19, a seven-fold increase in just two years, taking the country to 19th spot in the list of defence exporters in 2019.

Chief of Defence Staff General Bipin Rawat on Wednesday said that India is currently ranked 19th in the list of top defence exporters in the world, as of 2019 data.
“We witnessed a staggering 700 per cent growth in defence exports from Rs1,521 crore in 2016-17 to Rs10,745 crore in 2018-19…an all-time high ranking of 19th in the list of defence exporters in 2019,” CDS Rawat said during an e-symposium on 'Catalysing Defence Exports' via video conferencing.
In order to boost PM Modi’s clarion call for ‘Atmanirbhar Bharat’, the defence ministry in August formulated a draft Defence Production and Export Promotion Policy 2020 as an overarching guiding document to provide a focused, structured and significant thrust to defence production capabilities of the country for self-reliance and exports.
“The policy aims to achieve a turnover of Rs 1,75,000 crore, including export of Rs 35,000 core, in aerospace and defence goods and services by 2025,” the Defence Ministry said in a statement on 3 August.
The policy, announced by defence minister Rajnath Singh in August, proposes a phased reduction in imports along with stepped up exports.
The government had, in August, imposed a ban on the import of 101 military weapons systems and platforms in order to promote the domestic defence industry.
Prime Minister Narendra Modi has for long been making efforts to make India one of the leading exporters of defence equipment and as per latest information, the centre has indeed lived up to its promise on that front.
Defence Minister Rajnath Singh had in August announced a major policy decision about the imposition of a phase-wise ban on the import of 101 military weapons systems and platforms in order to promote the domestic defence industry.
“We cannot depend on foreign governments, foreign suppliers and foreign defence products to meet our defence needs. It is not compatible with the objectives and feelings of a strong and ‘Atmanirbhar Bharat,” he had said then.