Key Points
In less than a decade, India not only indigenised the manufacturing of a very large number of defence items but also turned into an arms exporter..
A striking feature of this success story is that public-sector units (PSUs), which had become known for inefficiency and tardiness, have played a great role in this story...
A few days ago, Defence Minister Rajnath Singh congratulated all stakeholders on crossing a big milestone in defence exports: India's defence exports have touched a record Rs 21,083 crore (approximately $2.63 Billion) in the financial year 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore..
Among the major defence items being exported, besides the big-ticket BrahMos missiles systems, are Dornier-228 aircraft, ALH helicopters, SU avionics, artillery guns, radars, armoured vehicles, rockets and launchers, torpedo loading mechanism, alarm monitoring & control systems, night-vision monocular and binocular, lightweight torpedo and fire-control systems, weapons-locating radar, HF radio, Kavach MOD, drones, artillery systems and explosives, and coastal surveillance radars...
According to a report by brokerage house Jefferies India, with an estimated domestic defence opportunity ranging between $100-1$20 billion over the next five-six years, the sector anticipates a visible 13 per cent industry Compound Annual Growth Rate (CAGR) from FY23 to FY30..
