India is now among top 25 arms exporters globally: FM Nirmala Sitharaman

Gandhinagar (Gujarat) [India], January 13 (ANI): Union Finance Minister Nirmala Sitharaman stated that India now stands among the top 25 global arms exporters.

She highlighted this achievement during her address at the 4th Convocation Ceremony of Rashtriya Raksha University in Gandhinagar, Gujarat on Monday.

She said, “From being the second largest arms importer in 2015 to 2019, as I said, India is now among the top 25 arms exporters with over 100 companies exporting products like BrahMos missiles, Pinaka rocket systems, and Dornier aircrafts.”

Sitharaman also emphasised that India has achieved unprecedented growth in indigenous defence production. In the financial year 2023-24, the country reached a record-high defence production value of Rs 1.27 lakh crore, marking a 2.7-fold increase compared to 2014-15.

Defence exports also hit an all-time high of Rs 21,083 crore in 2023-24, a remarkable leap from just Rs 686 crore in 2013-14, representing a 30-fold increase over a decade.

She stated, “Now, 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 Rs 1.27 lakh crores in 2023-24.”

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 when you have exports happening from India,” she added.

Sitharaman also highlighted the importance of coastal security and maritime trade in national security. She lauded the Rashtriya Raksha University for training Indian coastal security forces and noted that over 80 per cent of global goods trade is carried by ships.

She further emphasized the government’s focus on improving port infrastructure, stating that India’s port capacity has doubled in the last decade.

“Over the last decade, we have doubled the capacity of our ports. And I want you to be sure that the policy of Prime Minister Narendra Modi is to ensure that our borders are given that much attention with policy and money.”

This progress reflects India’s growing self-reliance and global recognition in the defence sector, showcasing its potential as a major player in the global arms trade.