India Aims For Rs 35,000 Cr Defence Exports Target By FY 2025 End: Rajnath Singh
India’s defence sector registered exports worth Rs 30,000 crore after 2014 when the Narendra Modi government came to power at the Centre. Another export target of Rs 8,000-9,000 crore can be added this year, said Defence Minister
Defence Minister Rajnath Singh said that India recorded defence exports worth Rs 8,000 crore during last six months of the current financial year, on 17 October. He said, the aim is to accomplish the annual export target of Rs 35,000 crore by 2025.
Singh while addressing the curtain raiser event of DefExpo said that defence sector of India recorded exports worth Rs 30,000 crore after 2014 when the Narendra Modi government assumed power at the Centre.
India is progressing with high speed to achieve global standards of design, development and manufacturing at the international level, said the minister.
“The defence exports of India used to hover between Rs 900-1,300 crore, before 2014. We have achieved exports worth more than Rs 30,000 crore till date, after so many years. Another export target of Rs 8,000-9,000 crore can be added this year, Singh said.
“We target to achieve annual defence exports worth Rs 35,000 crore by FY 2025 end. So far, we achieved exports target of Rs 8,000 crore in last six months of FY 2022-23,” he added.
The DefExpo is scheduled to be held from October 18 to 22, in Gandhinagar. The city is all set to host the biggest-ever defence exhibition of India. This 12th edition of the expo has been organised with the theme ‘Path to Pride’.
Singh said that in the last few years, India catered a transformational journey from an importer to an exporter in the defence sector. This expo will add a pace to this journey, he added.
“Today, India is listed among 25 top exporting countries which until a few years back was considered the world’s biggest importer in the defence sector. DefExpo experience participation from more than 13,000 companies,” said the defence minister during his address.
Defence Secretary Ajay Kumar said, “India had achieved a record of Rs 13,000 crore in 2021-22 exports in defence items and technology, which is about to rise to Rs 17,000 crore in 2022-23.”