India’s defence exports have increased tenfold in the last six years, showed an analysis of Ministry of Defence data. Defence exports reached an all-time high of ₹15,918 crore in the fiscal year 2022-23, a 24% increase from the previous year’s exports of ₹12,815 crore.
However, India was the largest importer of defence supplies, with a share of 11% of total global arms imports between 2018 and 2022. It has held its position as the largest arms importer since 1993.
“India’s tensions with Pakistan and China largely drive its demand for arms imports,” noted the latest SIPRI report. According to the report, India retained its position even as its arms imports dropped by 11% between 2013-17 and 2018-22.
Russia was the largest supplier of arms to India in the last five years, providing 45% of its needs, followed by France (29%) and the US (11%).
The value of India’s defence production fell by 28% in FY23, from roughly ₹95,000 to ₹68,000 crore, after rising in the preceding two years.
Despite the push to privatize the defence sector in order to become self-reliant in terms of defence equipment, public sector enterprises continue to produce a majority of defence equipment (57%), but private companies are catching up (21%).
