India’s Defence Exports Reached Rs. 14,000 Crore, The Highest Ever

India's Defence Minister Rajnath Singh praised Prime Minister Narendra Modi's plan for the good of the country and said that in the last 8.5 years, India has become the fifth largest economy with a GDP of $3.5 trillion. "Before 2014, Morgan Stanley, an investment firm, called India one of the "Fragile Five" countries. We are no longer in that group. Instead, we are now one of the "Fabulous Five" economies in the world.

India’s defence exports hit a new high of 14,000 crores in 2021-22, the country’s defence minister, Rajnath Singh, said.                  He added that this was a result of the government’s efforts to increase the export of military equipment to friendly countries abroad. The minister said that the government’s work is why defence exports have gone over Rs.14,000 crores, which is a big jump from 2014 when they were only Rs.900 crores. He was sure that by 2023, defence exports would be worth more than Rs.19,000 crore, and that the goal of Rs.25,000 crore in exports by 2025 would be reached.”

Singh also said that the Center’s “Aatmanirbhar Bharat” plan has brought India into the mainstream of manufacturing, and India is now making its own aircraft carriers like the INS Vikrant. He said that the government’s main goal is to get more people in the private sector involved so that both they and the country can grow. He also encouraged foreign companies to “Make in India, Make for the World.” The Ministry of Defence has put out positive indigenisation lists for more than 3,700 items, such as components/line replacement units for defence public sector units and 310 other defense-related items, to help people become more self-reliant. From 2017 to 2021, India’s defence exports went from being worth 1,520 crore to being worth 8,435 crore. This is according to data from the defence ministry.

Singh praised Prime Minister Narendra Modi’s plan for the good of the country and said that in the last 8.5 years, India has become the fifth largest economy with a GDP of $3.5 trillion. “Before 2014, Morgan Stanley, an investment firm, called India one of the “Fragile Five” countries. We are no longer in that group. Instead, we are now one of the “Fabulous Five” economies in the world. Chetan Ahya, the Managing Director of Morgan Stanley, recently wrote an article about the future of the global economy. In it, he said that by 2027, India will be the third largest economy, after the US and China. In the next ten years, India’s GDP will grow to USD 8.5 trillion. This shows that India has become a place where people around the world can find hope and confidence“he said. 

Despite COVID-19, there has been a record amount of foreign direct investment (FDI) in the country because of its strong economy. The FDI in 2021-22 was $83.6 billion, which was the most ever. He said that India will become one of the most powerful countries in the future.

Source: defenceaviationpost.com