India's Rise in Defence Manufacturing and Exports
Prime Minister Narendra Modi, in his Independence Day address on August 15, 2024, highlighted India's growing self-reliance in defence manufacturing and its emergence as a global exporter. He credited the government's initiatives for this transformation.
Previously, India heavily relied on importing defence equipment, utilizing a significant portion of the defence budget for foreign purchases. However, the government's focus on indigenous production has led to a remarkable shift. India is now not only meeting its own defence needs but also exporting to numerous countries.
The Indian defence industry achieved a record-breaking production of Rs 1.27 lakh crore in FY 2023-24. Additionally, defence exports reached an all-time high of Rs 21,083 crore, demonstrating a 32.5% increase from the previous year.
The first quarter of FY 2024-25 witnessed a further surge in defence exports. Compared to Rs 3,885 crore in the first quarter of FY 2023-24, exports reached Rs 6,915 crore, reflecting a 78% increase.
The Prime Minister also emphasized India's enhanced military capabilities. He highlighted the country's response to terror attacks and its commitment to safeguarding its sovereignty and integrity. He expressed pride in the armed forces' bravery and dedication.
The Prime Minister acknowledged the increasing participation of women in the defence sector. He commended their leadership roles in the Army, Navy, Air Force, and space programs, highlighting their contribution to the nation's progress.
In conclusion, India's journey towards self-reliance in defence manufacturing and its emergence as a global exporter are significant achievements. These developments contribute to the nation's overall security and economic growth, while also empowering women and showcasing India's growing strength on the world stage.