
India aims to increase its defence exports from the current $1.5 billion to $5 billion a year by 2024-25, Prime Minister Narendra Modi said while inaugurating the latest Aero India show. Even as PM Modi outlined India's ambitious plans, the government, on the same day, said in Parliament that half of the Defence Research and Development Organisation's (DRDO) crucial 'mission mode' projects had been delayed. Here's a look at India's defense export plans and where we stand at the moment.
In the last five years, India's defence exports have increased by six times. India is now exporting defence equipment to 75 countries.
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Italy, Maldives, Sri Lanka, Russia, France, Nepal, Mauritius, Israel, Egypt, UAE, Bhutan, Ethiopia, Saudi Arabia, Philippines, Poland, Spain and Chile are among India's defence export destinations.
Key exports include HAL's Dhruv helicopters to the Philippines, Mauritius and Ecuador, and BrahMos supersonic cruise missile to the Philippines. BrahMos Aerospace is a joint venture between India and Russia. HAL is also the frontrunner in a deal with Malaysia for its light combat aircraft Tejas.
Three Indian companies -- Hindustan Aeronautics Limited, Armoured Vehicles Nigam Limited (AVANI) of the Ordnance Factory Board and Bharat Electronics Limited -- rank among top-100 defence companies in the world, according to a SIPRI report.
The US, Russia, France, China, and Germany account for nearly 77 per cent of global arms exports, according to the SIPRI report. In the 2017-21 period, China accounted for 4.6 per cent of global arms exports. But Chinese exports saw a slide of 31 per cent from the 2012-2016 period.
India exported defence items worth ₹14,000 crore in 2021-22, according to Defence Minister Rajnath Singh. This was a sharp increase from the Rs 900 crore of exports in 2014.
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