Economic Survey 2024: India is now among top 25 arms exporter nations

India has transitioned from an arms importer and is now in the list of the top 25 arms exporter nations, finds Economic Survey 2024. India's defence production grew substantially from Rs 74,054 crore in FY17 to Rs 108,684 crore in FY23, boosting defence exports.

Between 2015 and 2019, India held the distinction of being the world's second-largest arms importer. The narrative, however, has changed as India has found a place in the list of the top 25 arms-exporting countries, the survey said.

According to the document tabled today, the defence industry, including the private sector and Defence Public Sector Undertakings (DPSUs), has made tremendous efforts to achieve the highest-ever defence exports. In addition, it said, there has been a rise in the number of export authorisations issued to the defence exporters.

From 1,414 export authorisations in FY23, the number has increased to 1,507 in FY24. About 100 domestic companies are exporting a wide range of defence products and equipment such as aircraft like Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles.

To give a push to defence exports, the Centre has taken several policy initiatives over the past ten years. Export procedures have been simplified and made industry-friendly, with end-to-end online export authorisation curtailing delays and facilitating ease of doing business.

Further, the Aatmanirbhar Bharat initiatives have helped the country by encouraging indigenous design, development and manufacture of defence equipment, thereby reducing dependency on imports in the long run, according to the survey.

In December 2023, the Defence Ministry said India was now exporting to over 85 countries. Major platforms being exported include Dornier-228, 155 mm Advanced Towed Artillery Guns, Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms.

The ministry also said there was a growing global demand for LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities etc.