Decoding the $5 billion defence exports target, which PM Modi spoke of at Aero India 2023

Source: The post is based on the article “Decoding the $5 billion defence exports target, which PM Modi spoke of at Aero India 2023” published in Indian Express on 27th February 2023

What is the News?

The Ministry of Defence has a target to raise India’s annual defence exports to $5 billion by 2024-25, from the $1.5 billion currently.

About India’s Defence export figures

As per government data, India’s defence export value till December 2022 had reached Rs 6,058 crore.

India’s defence exports have grown by 334% in the past five years. They had touched nearly Rs 13,000 crore in 2021-22.

Which defence items does India export?

The major defence items being exported are Personal Protective items, Offshore Patrol Vessels, ALH Helicopter, SU Avionics, Bharati Radio, Coastal Surveillance Systems, Kavach Launcher, Spares for Radar, Electronic System and Light Engineering Mechanical Parts among others.

What are the major countries India is planning to export defence items?

According to a Stockholm International Peace Research Institute (SIPRI) report 2022, India is among the top 25 exporters of major arms. 

Myanmar has been the biggest importer of Indian arms at 50 per cent during the 2017-2021 period, followed by Sri Lanka at 25 per cent and Armenia at 11 per cent.

In 2022, India signed a $375 million contract with the Philippines to export the BrahMos supersonic cruise missile. 

Armenia also inked a government-to-government deal in 2022 to buy the DRDO-developed Pinaka multi-barrel rocket launchers, rockets and ammunition. 

India is now in talks with Argentina and Egypt among other countries to export its indigenous LCA Tejas.