Indian Finance Minister Nirmala Sitharaman said on Friday (Dec 29) that the country’s defence exports would touch $2.88 billion (around Rs 24,000 crore) in the financial year (FY 24), according to media reports. Speaking at an event at the AM Jain College in Chennai, Finance Minister Sitharaman said that defence exports were to the tune of $2.4 billion so far in the current financial year.
trending now
)
Pakistan: Son of UN-designated terrorist gearing up for elections, India slams
)
PM Modi Ayodhya visit LIVE: Temple city decked up, security tightened, preparations in full swing
)
China removes nine army officials from parliament in a reshuffle
)
Morning news brief: South Africa files genocide case against Israel, Argentina ditches BRICS, & more
)
Boxing: Neeraj Goyat challenges Jake Paul, claims fight to be ‘more than a personal pursuit’
)
Argentina’s new far-right president ditches BRICS to ‘support US and Israel’
)
Get rid of toxic air indoors if you want to boost your creativity, suggests study
)
Israel-Hamas war LIVE | South Africa files genocide case against Israel at Int’l court
)
Ice floe rescue ops saves 122 anglers in Northern Minnesota, none Injured
)
India: Software firm’s ‘humiliated’ employees honeytrap former boss, circulate nudes
)
Arnold Schwarzenegger, Danny DeVito reunite for ‘Twins’ moment
)
UAE President Nahyan, Mozambique President Nyusi to visit India for Vibrant Gujarat summit
)
India’s Gujarat, Rajasthan, Maharashtra, Karnataka & UP emerge as top dust emitters: IIT
)
Top 10 world news: Poland claims Russian missile entered airspace, China gets new defence minister, and more
)
1-2-3 go, all set for wedding vow! Couples rush to Las Vegas to marry on ‘magic date’ of New Year’s Eve
The finance minister also said that the country’s defence forces were signing Memorandum of Understanding (MOUs) with Micro, Small and Medium Enterprises (MSMEs) engaged in defence production for procurement for 10 years if the products met the prescribed standards.
Sitharaman pointed out that such long-term contracts were not signed in the past.
Defence exports grew 23 times in 9 years
A report released on May 30 this year said that India recorded an extraordinary 23 times rise in military exports in the last nine years when Prime Minister Narendra Modi first came into power.
“India’s defence exports have reached an all-time high, surging from Rs 686 crore ($82 million) in FY 2013-14 to nearly Rs 16,000 crore ($1.9 billion) in FY 2022-23. This remarkable 23-fold increase reflects India’s progress in the global defence manufacturing sector,” the report said.
“To give a push to defence exports, the government has taken a number of policy initiatives and brought reforms over the last nine years. Export procedures have been simplified and made industry-friendly, with end-to-end online export authorisation curtailing delays and bringing ease of doing business,” it added.
A report by the Times of India (TOI) on Friday said that the defence ministry reported a rise of 10 times in exports since 2016-2017, with the country now exporting to more than 85 countries.
The major destinations for India’s defence product exports include Russia, Poland, Spain, Maldives and Nepal.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : WION – https://www.wionews.com/india-news/indias-defence-exports-to-touch-288-billion-in-fy-2024-finance-minister-sitharaman-674997