NEW DELHI: India’s defense exports have skyrocketed, increasing 14 times from FY 2016-17 to FY 2023-24. This leap from Rs1,522 crore to over Rs 21,000 crore underscores the country’s rising prowess as a global arms supplier and highlights the significant role of the private sector in this transformation.
Proactive government policies have been key to this remarkable rise. Initiatives like “Make in India” and “Atmanirbhar Bharat” (Self-Reliant India) have created a robust defense manufacturing ecosystem. By simplifying export procedures, offering financial incentives, and encouraging private sector involvement, the government has set the stage for defense exports to thrive.
The private sector has been instrumental in this success. From a contribution of merely 13% to defence exports in FY 17 it has risen to a whopping 62% in FY 24. Leading companies such as Larsen & Toubro, Tata Advanced Systems, and Bharat Forge have made significant strides, investing heavily in R&D and establishing world-class production facilities. The collaboration between private players and defense public sector undertakings (DPSUs) has spurred technological advancements and boosted production capacities.
India’s defense exports now reach diverse markets in Southeast Asia, the Middle East, Africa, and Latin America. The export portfolio includes missiles, radars, naval systems, helicopters, and surveillance equipment, showcasing India as a versatile and reliable defense supplier. A significant aspect of India’s defense export success lies in its naval capabilities. India has developed a range of advanced naval systems that have garnered international attention.
India’s indigenous shipbuilding capabilities have seen substantial growth, with advanced platforms like the INS Vikrant, the country’s first indigenously built aircraft carrier, highlighting this progress. The successful construction and operationalization of such platforms demonstrate India’s growing self-reliance and technological prowess.
India has also been exporting naval systems such as fast attack craft, offshore patrol vessels, and various maritime weapon systems. The export of BrahMos supersonic cruise missiles, developed jointly with Russia, has been a notable achievement, with countries like the Philippines showing interest in these systems.