“…there has been a rise in the number of export authorisations issued to defence exporters. From 1,414 export authorisations in FY23, the number has increased to 1,505 in FY24,” the Economic Survey said.
Around 100 domestic companies are exporting a wide range of defence products and equipment, ranging from Dornier-228 aircraft, artillery guns and BrahMos supersonic cruise missiles to Pinaka multi-launch rocket systems, radars, simulators and armoured vehicles.
While the survey did not identify nations to which India was exporting arms, the former Soviet republic of Armenia has emerged as a major destination, with deals inked for Pinaka rockets and Akash air defence missiles. As per the defence ministry, India posted highest-ever annual domestic defence production in 2023-24, reaching Rs 1.26 lakh crore in terms of value, 16.7% higher over the previous fiscal.
India, of course, still remains in the strategically vulnerable position of being the world’s largest arms importer, accounting for 9.8% of total global imports in 2019-23.