Prime Minister Narendra Modi on Thursday talked of his government's success in checking corruption in the delivery of government schemes and said initiatives taken have boosted the country's exports in several sectors including defence.
The Industry Quality Assurance (QA) Conclave, on the theme 'Collaborative Quality Assurance: Bridging the Gap Between Industry and Defence,' was held in New Delhi on February 07, according to the official statement.
India's defence exports continue to rise touching a record Rs 21,083 crore (about USD 2.63 billion) in the FY2023-24, a growth of 32.5 per cent over the previous fiscal when the figure was Rs 15,920 crore.
Rapidly increasing defence exports, a huge focus on domestic manufacturing, high returns on capital employed (RoCE), and strong cash flows are key attributes for the potential growth in the sector.
Prime Minister Narendra Modi highlighted on Sunday how India has increased its defence exports by almost 30 times, and that the country exports defence equipment to more than 100 countries while addressing the Indian diaspora community in Nigeria.
Union Defence Minister Rajnath Singh on Saturday expressed confidence that the country will export more than Rs 50,000 crore defence items by 2029-30, adding that the government is committed to collaborate with the academia for self-reliance in defence production.
Amid a growing push to increase export of Indigenous defence equipment, the US, France, and Armenia have emerged as the top three customers for Indian military exports.
The Ministry of External Affairs (MEA) on Thursday rejected Reuters reports claiming that Indian defence exports have been diverted to Ukraine, labelling them "speculative and misleading."
India's defence exports have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking.
Singh who took charge as the Defence Minister at his office in South Block in the national capital said that the government will strive to boost exports in the defence sector and aims for a target of Rs 50,000 crore over the next five years.