Indian defence firms target US$ 5 billion exports |
Indian Prime Minister Narendra Modi had given the Indian defence companies a target of USD 5 billion in exports. Indian entities, both private and public firms, are taking steps to enhance their foreign sales. The biggest public sector unit, Hindustan Aeronautics Limited (HAL), has tasked its officers to engage in export promotion. HAL has a put together a team of senior officers for exports. The group functions under HAL Corporate Marketing. It is tasked to work towards export promotion activities. BrahMos Artispace has also started finding new markets and started identifying regions which can be useful for it in selling its world-class supersonic cruise missile. Brahmos missile export target is set at USD 5 billion by 2025. BrahMos made the first export deal with the Philippines at USD 375 million. Another private firm, Solar Industries, which won a deal in Armenia to export its multi-barrel rocket launcher system, stated that it has started focusing on export markets along with the Indian market. India`s Defence Secretary said that India achieved exports of defence items and technology worth a record Rs 13,000 crores or US$ 1.6 billion in 2021-22. This is expected to increase to Rs 17,000 crores or US$ 2.1 billion in 2022-23. Defence exports grew by 334 percent in the last five years and India is now exporting to over 75 countries due to collaborative efforts.
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