Defense Exports At New High: With becoming self-reliant in the defense sector, the Modi government’s plan to promote exports seems to be paying off. According to the Defense Ministry, India has exported defense equipment and technology-related items worth Rs 13,000 crore in 2021-22. Which is 54.01 percent more than the financial year 2020-21. Most of the defense exports towards India have been done to many South-East Asian countries, Middle-East and Africa countries including America, Philippines.
Exports increased 8 times in 5 years
Sanjay Jaju, in addition to the Department of Defense Production, said that in 2021-22, India has exported defense items worth Rs 13,000 crore, which is 8 times more than five years ago. In 2015-16, there was a defense export of Rs 2059 crore, while in 2019-20 there was an export of Rs 9,115 crore, in 2020-21 Rs 8,434 crore. He said that this growth rate is very good. Defense exports stood at Rs 13,000 crore in 2021-22, despite the setback due to Corona for two years.
private sector participation 70 percent
In the defense exports made by India in 2021-22, the private sector accounts for 70 percent, while the share of public sector companies is only 30 percent. On Monday, July 11, 2022, the best performing company in defense exports will be honored.