Earlier, the Defence Ministry set a target of Rs 1.75 lakh crore in defence output by 2025, including Rs 35,000 crore in exports

Photo Credit : @narendramodi/twitter,

India’s defence export reached Rs 13,000 crore in 2021-22 and now for the coming time, we have set a target of Rs 40,000 crore worth of defence export, Prime Minister Narendra Modi said on Wednesday at the inauguration of DefExpo22 in Gandhinagar.

According to the Prime Minister, the Expo has more than 1300 exhibitors, including the Indian Defence Industry, some joint ventures associated with the Indian Defence Industry, MSMEs and over 100 startups and more than 400 MoUs signed for the first time ever.

Earlier, the Ministry of Defence said in a statement that India's defence exports have increased by 334 per cent in the previous five years, with India now selling to over 75 countries as a result of collaborative efforts among manufacturers and researchers. 

India exported roughly Rs 1,387 crore in defence-related exports during the first quarter of the fiscal year 2022-23 (April-June). Further, the country's defence and technology-related exports reached an all-time high of Rs 12,815 crore in the fiscal year 2021-22, which is a 54.1 per cent increase over the previous year, according to government data.

Exports in the fiscal year 2022 will be nearly eight times higher than they were five years ago. India's defence exports in 2020-21 valued at Rs 8,434 crore, Rs 9,115 crore in 2019-20, and Rs 2,059 crore in 2015-16.

India exports defence equipment and systems primarily to the United States, the Philippines, and other Southeast Asian, Middle Eastern and African countries.

As India hosts India-Africa Defence Dialogue on the sidelines of DefExpo, India sees Africa as an emerging defence market. Officials and ministers from around 53 African countries are participating in India’s biggest defence expo in Gujarat this year.