Curious of goosing the Indian exports, India's Defence Sector takes in to streamline the shipping agendas

New Delhi, June 19: Viewing to boost the exports out of the country, the Defence sector of India has decided to introduce changes in the open general licence norms, creating a system that gives opportunity to the Indian exporters to self-declaration their quarterly or yearly statements for a select group of countries.

 

 

“Authorities are working on two open general export licences and the entire process of seeking permissions will be reduced”, said Sanjay Jaju of the Defence sector while addressing a workshop organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), an industry body.

 

 

"We are trying to come up with a solution where an open general export license for certain products to certain countries will be issued. Those companies which register under particular license can export these items and give us declaration over a quarter, or a month or a year, and maintain records at their own premises”, he said.

 

Jaju further added that India's defence exports had increased from Rs 1,500 crore in 2016-17 to Rs 11,000 crore in 2018-19 with 90 per cent of the products as components. "This is going to increase further during this year. Our industry is able to access international markets”, he said.

 

"Out of one trillion dollar manufacturing economy in the next five years, 25 billion dollars must come from defence-related sectors. So we expect five billion dollars worth of defence exports each year," he signed off.