India’s defence imports have decreased by about 21% in the last four to five years and this has happened in such a short time, Prime Minister Narendra Modi said on Monday while stating that we are moving fast from being the “biggest defence importer to a big exporter”.
“Our defence exports have increased seven times in the last eight years. Very recently, our countrymen were filled with pride when they came to know that last year, we had achieved defence exports worth ₹13,000 crore and of this 70% was from the private sector,” Mr. Modi said speaking at the Naval Innovation and Indigenisation Organisation (NIIO) seminar ‘Swavlamban’.
Talking of the push for domestic defence manufacturing, Mr. Modi said in the last eight years, they have not only increased the defence budget, but also ensured that this budget is utilised for the development of the defence manufacturing ecosystem within the country. “Today, a major part of the budget is earmarked for the purchase of defence equipment from Indian companies only,” he stated.
