NEW DELHI: With an increase from Rs. 686 Crore in FY 2013–14 to over Rs. 16,000 Crore in FY 2022–23, India's defence exports have achieved an all-time high.

According to a press statement from the Ministry of Information and Broadcasting, this surge i.e,a 23-fold increase, highlights India's considerable advancement in the world of defence manufacturing industy.

"With exports to more than 85 countries, India's defence industry has demonstrated its capability of design and development to the world, with 100 firms exporting defence products at present," the ministry added.

The ministry emphasised that over the previous nine years, the government had launched a number of reforms and policy steps to increase defence exports."The expenditure on defence procurement from foreign sources has reduced from 46% of overall expenditure in 2018-19 to 36.7% in December 2022," it said.

The press release emphasised that India, which was previously only known for importing defence technology, has recently begun to export a number of important platforms. These include weapons such as the Brahmos Missile, PINAKA rockets and launchers, artillery guns, radars, simulators, and armoured vehicles. Furthermore, Russia accounts for about 50% of India's military purchases, which makes it the top global arms importer over the past ten years.

In a previous announcement, the Ministry of Defence said that India's defence output exceeded Rs. 1 trillion ($12 billion) in FY23, representing an increase of more than 12% year over year. Given that India has been actively working to lessen its reliance on imports from other countries, this record-breaking feat is notable.

RBI's Balance Sheet scales up 2.5% to Rs.63.45-La-Cr in FY23

India's growth momentum likely to be sustained in 2023-24, says RBI