Milestone alert! Exports of Made-in-India defence products to reach Rs 17,000 crore in FY23
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New Delhi, Dec 6: In a huge development, for the first time, India is likely to record Rs 17,000 crore in defence exports in 2022-23. This came after Srikar K. Reddy, Joint Secretary, Department of Commerce, Government of India made this announcement while addressing the 2nd edition of India MSME Defence Week.
"Several factors like rising demand, greater innovation, more conducive policies and a maturing ecosystem in defence and aerospace manufacturing space are leading to the growth in the sector," he added in the statement.
Earlier, India recorded Rs 13,000 crore in 2021-22, an impressive 54.1 per cent rise over the previous year. The country's defence exports are chiefly to the US, the Philippines and other countries in the South-East Asia, the Middle-East and Africa.
The exports in 2021-22 were almost eight times of what they were about five years back, he added. India's defence exports were worth Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20 and Rs 2,059 crore in 2015-16.
The initative of Atmanirbhar Bharat in defence exports has played a major role in this milestone.