HISTORIC! India's Defence exports reach all-time high of Rs. 15,920 Cr for 2022-23
01 Apr 2023 16:55:29
New Delhi, Apr 1: Defence Minister Rajnath Singh on Apr 1 shared that India’s defence exports have reached an all-time high of Rs. 15, 920 Crore in the Financial Year 2022-2023.
In a tweet, Defence Minister Rajnath Singh said, it is a remarkable achievement for the country. He said, under the inspiring leadership of Prime Minister Narendra Modi, the Defence exports will continue to grow exponentially. A thumping demonstration of India’s Defence capabilities, India’s defence exports have reached an all-time high of Rs 15,920 crore in FY 2022–2023.
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The development can be attributed to the constant enhancement of India’s defence sector. According to reports, in the past few years, India has not only taken various steps in the enhancement of its defence sector but has also simultaneously engaged with various countries to strengthen its defence cooperation. Notably, this year the Ministry of Defence was allocated approximately 5.94 lakh crore in Budget 2023–24, a jump of 13% over the previous year.
In March 2023, MoS for Defence Ajay Bhatt informed the parliament that “Expenditure on defence procurement from foreign sources has reduced from 46 percent of the overall expenditure in 2018-19 to 36.7 percent till December last year.” Furthermore, the Defence Ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which will include exports of Rs 35,000 crore.
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