India has joined the ranks of the world’s top 25 arms exporters, a significant leap for a country that was the second largest arms importer just a few years ago. Union Finance Minister Nirmala Sitharaman announced this achievement during the 4th Convocation Ceremony of Rashtriya Raksha University in Gandhinagar, Gujarat, on Monday.
Sitharaman noted that India has over 100 companies exporting defense products, including the renowned BrahMos missiles, Pinaka rocket systems, and Dornier aircraft. She emphasized that the nation has witnessed remarkable growth in indigenous defense production, reaching a record-high production value of Rs 1.27 lakh crore for the 2023-24 financial year, a 2.7-fold increase since 2014-15.
Furthermore, India’s defense exports soared to an unprecedented Rs 21,083 crore in 2023-24, marking a 30-fold increase from the Rs 686 crore recorded in 2013-14. Sitharaman credited this growth to the strategic policy support and investments under Prime Minister Narendra Modi’s administration, highlighting India’s transformation from a major importer to a net exporter of defense products.
Addressing national security issues, Sitharaman stressed the importance of coastal security and the strategic significance of maritime trade. She applauded Rashtriya Raksha University for training Indian coastal security forces, and highlighted that over 80% of global goods trade occurs via ships. She also touched on efforts to improve port infrastructure, noting that India’s port capacity has doubled over the past decade.
In conclusion, Sitharaman reiterated the government’s commitment to enhancing border security and infrastructure, underlining the achievements as a reflection of India’s growing self-reliance and influence in the global defense market. The country’s progress showcases its potential as a major participant in the global arms trade.