India's defense exports hit all-time high this financial year

An Indian Air Force IAF light combat aircraft, Tejas flies during the Air Show Aero India 2021 at the Yelahanka Air Base in Bengaluru, India, on February 3, 2021. The Defense Ministry released data from the 2022 -- 23 financial year April 2022 -- March 2023 showing India's defense exports reaching an all-time high of around 160 billion Indian rupees $1.94 billion during the 2022 -- 23 financial year.

The figure shows an increase of around 30 billion Indian rupees $365 million over the previous financial year and a rise of over 10 times since 2016 -- 17.

India is exporting to over 85 countries. The Indian industry has shown its capability of design and development to the world, with 100 firms exporting defense products at present, the ministry said.

In order to boost defence product exports, the Indian government has implemented a number of policy initiatives over the past five to six years, including streamlining export procedures and making the industry more friendly when it comes to end-to- end online export authorization in order to curtail delays.