CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Ministry of Defence (MoD) reported that India's defence exports reached a record Rs 21,083 crore in fiscal year 2023-24, a 32.5% increase over the previous year. This achievement is attributable to the combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs), as well as policy reforms and initiatives targeted at making doing business easier.
Unprecedented Growth Trajectory
Defence exports increased by 31 times during the last decade, from FY14 to FY24.
Comparing data from two decades indicates a startling 21-fold increase in defense exports, demonstrating the sector's exponential growth.
Policy Reform And Digital Solutions
The Ministry credited policy reforms and 'Ease of Doing Business' measures with creating a favorable environment for defence exports.
End-to-end digital solutions have helped to increase defence exports while also improving operations in domestic industry.
Global Acceptance Of Indian Defense Products
- The increase in exports demonstrates the expanding global acceptance of India's defense products and technologies, highlighting the country's growing importance in the global defense market.
Ambitious Goals And Vision
Defence Minister Rajnath Singh set lofty goals, aiming for an annual defence manufacturing of Rs 3 trillion by 2028-29.
Exports of military gear are expected to surpass Rs 50,000 crore, with a focus on indigenisation and self-reliance in defence manufacture.
Government's Commitment
The government's commitment to increasing defense exports is demonstrated by ongoing efforts to improve indigenous capabilities and create a favorable business climate.
Military Minister Rajnath Singh reiterated India's commitment to achieving self-sufficiency in military production and being a net exporter of defense equipment.
Persistent Challenges And Global Dynamics
Despite tremendous gains in defence exports, India remains the world's top arms importer, demonstrating continued difficulties in achieving self-sufficiency in defense acquisition.
Tensions with neighboring countries continue to fuel India's military purchases, necessitating a comprehensive strategy for strengthening domestic defense capabilities.
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