Arms export: India’s arms exports have increased nearly 6 times since 2014, government says
In a written response to the Lok Sabha, junior Defense Minister Ajay Bhatt said the value of defense exports rose to Rs 11,607 crore in 2021-22 from Rs 1,941 crore in FY 2015 “During this period, many reforms/measures have been taken by the government to boost defense exports and improve the ease of doing business,” he said.
The Indian government has set an ambitious annual export target of around Rs 36,500 crore by 2025. Bhatt said the corporatization of the Ordnance Factory Board (OFB) and its 41 factories into seven power packs defense will also help boost exports.
A major export deal signed in January this year was the $375 million (Rs 2,770 crore) contract to export BrahMos supersonic cruise missiles to the Philippines, which will pave the way for further deals in this type with the country as well as with other ASEAN countries like Indonesia and Vietnam, as reported earlier by TOI. India is currently in talks with countries including Saudi Arabia and the United Arab Emirates to export the BrahMos missiles and Akash air defense missiles.