Chennai: In a significant boost to India’s defense capabilities and economic strength, Union Finance Minister Nirmala Sitharaman announced on Friday that India’s defense exports are projected to reach a remarkable USD 320 million by the end of the financial year 2024. This announcement came during an interactive session titled ‘Transforming India into the new decade’ at a city college in Chennai.
Record Growth
In the current financial year, India has already achieved defense exports worth USD 267 million, showcasing a robust growth trajectory. This surge in exports marks a notable increase from the previous year’s figure and is part of a larger trend of growth in the defense sector.
The defense Ministry highlighted that the production in defense has crossed the USD 1.33 billion milestone for the first time, marking a historic achievement. Since 2016-17, the country has seen a tenfold increase in defense exports, now reaching over 85 countries globally. Major exports include advanced platforms like aircraft, missiles, radars, vehicles, and small arms.
Long-Term Partnerships
To sustain and enhance this growth, Indian defense forces are signing Memorandums of Understanding (MoUs) with Micro, Small, and Medium Enterprises (MSMEs) engaged in defense production. These MoUs, covering a period of 10 years, aim to ensure quality procurement, provided the products meet the prescribed standards. This initiative not only supports the domestic defense industry but also encourages innovation and self-reliance, aligned with the government’s ‘Aatmanirbharta’ (self-reliance) vision in defense.
Advanced Technologies
Addressing concerns about the impact of Artificial Intelligence (AI) on employment, Sitharaman reassured that AI would not lead to job losses but instead create domain-specific opportunities. Drawing parallels to the introduction of computers in the banking sector during the 1980s, she emphasized that AI, like previous technological advancements, would lead to employment generation in various sectors.
Strengthening Ties
In her address, Sitharaman also touched upon bilateral trade matters, stating that India will continue its oil trade with Russia. Additionally, talks are underway with Russia and Sri Lanka to promote the Rupee as a global currency, a move that could have significant implications for international trade dynamics.
Commitment
The year 2023 marks a milestone in India’s defense sector, with unprecedented growth in exports and production. The focus remains on achieving self-reliance, strengthening border infrastructure, and ensuring the welfare of ex-servicemen. As India steps into a new decade, these developments in defense exports and technological advancements signal a strong commitment to both national security and economic development.
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