India has considerably increased its defense production over the past few years, gradually transitioning from an arms importer to an exporter. This is stated in the economic review prepared by the Ministry of Finance—and presented in the Parliament of India.The document notes that India's defense output has grown significantly from 740 billion rupees ($8.8 billion) in fiscal year 2017 to 1 trillion rupees (almost $12 billion) in fiscal year 2023, leading to a surge in defense exports.India has moved from being an arms importer to securing a place among the top 25 arms exporters, the review said.The study lauds the efforts of the Indian defense industry, including private and public enterprises, to promote defense exports. In addition, the number of licenses issued to exporters has increased.To increase defense exports, the Indian government has implemented several policy programs over the past ten years, including streamlining export procedures, encouraging domestic design, development and production of defense equipment, and providing funds to support private manufacturers.Despite the wish for self-sufficiency, India remains the largest arms importer, and Russia continues to be its main arms supplier in recent years.
India announces gradual transition to arms exporter status
23.07.2024 16:23 |
Category
World
