India’s Defence Exports Break Records with a Global Surge in Demand
Hey there, fellow armchair generals! It looks like India’s defence exports have crossed the ‘13,000 crore mark, and the government is predicting that this year will be a new record breaker thanks to increased demand from Europe and the efforts of the Indian government to engage partners like Armenia who are looking for reliable suppliers.
Now, we all know that India is still the world’s biggest arms importer, but here’s some good news: purchases from foreign vendors have decreased by 11% between 2013-17 and 2018-22. That number is expected to fall even more as India turns to local companies instead of imports.
So, how much are we talking here? Well, according to the defence ministry, the total value of defence goods exported so far this financial year is pegged at Rs 13,399 crore as of the first week of March. But wait, there’s more! The number is likely to go even higher as more deals get signed right up until the end of the financial year. This would make 2022-23 the highest year for arms sales to foreign nations, beating last year’s record of Rs 12,815 crore.
Industry insiders say that orders have been pouring in from all over the world, but there’s been a big upswing in demand from Europe due to the prolonged Russia-Ukraine war. So what kind of defence equipment are we talking about? Well, the defence ministry has informed parliament that major exports over the past five years have included things like weapon simulators, tear gas launchers, torpedo loading mechanisms, alarm monitoring & control systems, night vision monocular and binoculars, lightweight torpedoes, fire control systems, armoured protection vehicles, weapons locating radar, HF radio, and coastal surveillance radar. That’s quite the list!
A slew of export orders signed with Armenia, including Pinaka Multi Barrel Rocket Launchers, artillery guns, and a range of ammunition among other systems, has helped boost numbers this year. According to officials, India currently exports weapons to over 80 nations, with the US being a prominent customer. Indian companies have even received orders from US defence majors to supply parts for platforms like the F 16 fighter jets, Chinook and Apache helicopters, and more.
The Indian government has set a target of achieving defence manufacturing worth Rs 1,75,000 crore by 2024-25, which would include exports worth Rs 35,000 crore. As per current estimates, the defence manufacturing value for 2022-23 is likely to breach Rs 1 lakh crore.
But that’s not all! In other news, the Indian Navy is participating in a two-day multilateral exercise called La Perouse being conducted in the Indian Ocean Region, alongside the Royal Australian Navy, French Navy, Japanese Maritime Self Defence Force, Royal Navy, and the United States Navy. This exercise will provide an opportunity for like-minded navies to develop closer links in planning, coordination, and information sharing for seamless maritime operations. It will include surface warfare, anti-air warfare, air defence exercises, cross deck landings, and tactical manoeuvres. Two of India’s ships, the indigenously-built guided missile frigate INS Sahyadri and fleet tanker INS Jyoti, will be participating in the exercise.
So there you have it, folks! India’s defence exports are soaring, and the Indian Navy is joining forces with other nations to develop closer ties and strengthen maritime operations. Exciting times ahead and in the mean time why dont you check out Omniscience Capital’s Omni Bharat Defence smallcase.