India's Leap in Global Arms Export

Union Finance Minister Nirmala Sitharaman announced a significant milestone for India, marking its entry into the top 25 arms exporters worldwide. This achievement underscores India's growing prowess in defence manufacturing and export, shifting from being one of the largest importers to a notable exporter on the global stage.

Record-Breaking Defence Production and Exports

Highlighting the remarkable progress in domestic defence manufacturing, Sitharaman shared that the defence production value soared to Rs 1.27 lakh crore in the fiscal year 2023-24, a substantial increase from previous years. Furthermore, defence exports hit a record Rs 21,083 crore in the same period, showcasing a thirty-fold growth over the last decade.

Policy Support and Future Directions

The minister emphasized the role of policy support and investments in transforming India into a net exporter of defence components. She also pointed out the importance of coastal security and maritime trade in bolstering national security, indicating the government's comprehensive approach to defence and security.