India among top 25 global arms exporters: FM Nirmala Sitharaman
Finance minister Nirmala Sitharaman said that defence exports have reached an all-time high, surging to ₹21,083 crore in 2023-24 as compared to ₹686 crore in 2013-14, marking a 30-fold increase
From being the second-largest arms importer in 2015 to 2019, India is now among the top 25 arms exporters with over 100 companies exporting products like BrahMos missiles, Pinaka rocket systems, and Dornier aircraft, Union finance minister Nirmala Sitharaman said on Monday while addressing the fourth convocation ceremony of the Rashtriya Raksha University in Gujarat’s Gandhinagar.
The finance minister also said that defence exports have reached an all-time high, surging to ₹21,083 crore in 2023-24 as compared to ₹686 crore in 2013-14, marking a 30-fold increase.
“India has achieved the highest-ever growth in indigenous defence production, and this is where I’d like to share the number. In value terms, today we’ve reached a record high of ₹1.27 lakh crores in 2023-24, marking a 2.7-fold increase compared to 2014-15,” she added.
The minister attributed this growth to robust policy support and investments under Prime Minister Narendra Modi’s leadership.
“I’d like to highlight the fact that in the last few years, the emphasis given to defence production in this country is a matter of pride. Not just investments, policy support has made India today a net exporter of defence components. Earlier, we were one of the biggest importers, and today you have exports happening from India,” she said.
Emphasising the importance of coastal security and maritime trade in national security, she lauded the Rashtriya Raksha University for training Indian coastal security forces.
The minister said that the cargo handling capacity of ports has nearly doubled from 824 million metric tonnes per annum (MTPA) in 2014 to 1,630 MTPA in March 2024. The turnaround time of major ports has also reduced to 48 hours compared to 94 hours in 2013-14, she said, while mentioning the robust ship-leasing and financing ecosystem being developed at GIFT City in Gandhinagar.
“The reason why I am quoting so much on ports and maritime security is because of the recent attacks in the commercial shipping arena in the Red Sea area between October 2023 and March 2024, which have been a threat to commercial shipping movement,” she said while explaining the role of the Indian Navy and Indian Coast Guard in the rescue of ships and vessels attacked by pirates.
“Many of us were happy and proud to know that the Indian Navy and Coast Guard rescued ships held by pirates or abandoned due to such piracy, along with the people on board. These were all rescued by our first responders—that is, the Coast Guard and Navy. We are already providing a response mechanism that many other countries, stronger and bigger than us, are not able to deliver. So, in terms of being first responders, India has earned a special name,” she said.