CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India achieved a significant milestone in defence exports during the Financial Year 2024-25, reaching Rupees 23,622 crore, marking a 12.04% growth compared to the previous fiscal year. This increase is largely attributed to rising sales of artillery shells, firearms, and other defence equipment, solidifying India's presence in the global defence market.
Increase In Defence Exports
Defence exports grew by Rupees 2,539 crore compared to FY 2023-24. The Defence Public Sector Undertakings (DPSUs) recorded an impressive 42.85% increase in exports, while the private sector contributed Rupees 15,233 crore, with DPSUs adding Rupees 8,389 crore to the total export value.
Export Authorisations And Policy Enhancements
The Department of Defence Production (DDP) issued 1,762 export authorisations in FY 2024-25, reflecting a 16.92% increase from the 1,507 approvals in the previous year. Reforms in export policies, including streamlined licensing procedures and extended license validity, have contributed to the ease of doing business in the defence sector.
Global Market Expansion
India exported defence equipment to nearly 80 countries in FY 2024-25. Key importers included the United States, Israel, and Germany, showcasing India's growing reputation as a reliable supplier of advanced defence systems. This development aligns with India’s goal of self-reliance in defence manufacturing.
Future Goals And Expansion Plans
Defence Minister Rajnath Singh has set ambitious targets for the coming years. The government aims to surpass Rupees 30,000 crore in defence exports for FY 2025-26, with a long-term vision of reaching Rupees 50,000 crore by 2029. The Modi government had previously set a target of Rupees 35,000 crore for aerospace and defence exports over five years.
Impact Of Global Conflicts
Current geopolitical tensions, including the Russia-Ukraine war and the Israel-Hamas conflict, have driven up global demand for military equipment. As nations seek to strengthen their defence capabilities, Indian manufacturers are benefiting from increased export opportunities.
Advancing Self-Reliance In Defence Manufacturing
India is transitioning from a defence importer to a global exporter, emphasizing indigenous production. Government initiatives are promoting domestic defence manufacturing, fostering innovation, and reducing reliance on foreign suppliers. This shift is expected to further boost India’s defence capabilities and strengthen its strategic position in the global market.
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