Defence News India: India’s liberalised defence exports norms have helped the country to achieve sustainable growth in export of defence equipment in the last two years, according to the latest official data given by the government in the Parliament. Defence export authorization have grown seven times in recent years, said Shripad Naik, India’s junior defence minister.
“Various steps have been taken to enhance Defence exports. These reforms have provided a big boost to defence exports in the recent times,” Shripad Naik, India’s minister of state for defence, told the Rajya Sabha.
“The authorization for defence exports in the country has grown seven folds in the last two years from Rs 1,522 crore ($213 million) in 2016-17 to Rs 10,746 crore ($1.5 billion) in FY 2018-19,” said Shripad Naik, minister of state for defence.
In FY 2016-17 (April to March period), the value of actual defence export by the public and private sector companies and authorization given by the department of defence production (DPP), was pegged at Rs 1,522 crore ($213 million).
The next year, it nearly trebled from Rs 1,522 crore ($213 million) in FY 2016-17 to Rs 4,682 crore ($655 million) in FY 2017-18.
India’s Defence Export Grew 7 Fold in 2 Years
Due to liberalised policy adopted by Prime Minister Narendra Modi’s government, the defence export continued to grow. It more than doubled in 2018-19, from Rs 4,682 crore ($655 million) to Rs 10,746 crore ($1.5 billion).
According to the latest data given by the department of defence production, the nodal agency for approving the export of defence equipment, Indian private and public sector defence manufacturers have already exported or received authorisation to export defence equipment worth Rs 5,883 crore ($822 million) in the first 9 months of the current financial year (FY 2019-20).