The global defense market is a massive $2.49 trillion industry, with India ranking fourth in defense spending with a budget of $74.5 billion. Despite global tensions, such as the Ukraine-Russia conflict and Israel-Hamas clashes, India's defense sector has been gaining attention. Operation Sindoor has been a game-changer, showcasing India's defense capabilities.
India's defense spending is substantial, with significant investments in fighter jets, including the $7.8 billion deal for 36 Rafale jets and potential procurement of 26 Rafale M jets for its INS Vikrant aircraft carrier. The country has also invested $5.4 billion in 5 S-400 Triumf air defense systems, Akula-II Nuclear Attack Submarine, Apache and Chinook Helicopters, and more.
India aims to boost its defense exports to $6.7 billion by 2025 and become one of the top 5 defense exporters globally, up from its current 25th position. The US dominates the global arms market with 43% share, followed by France, Russia, China, and Germany.
India's defense exports have grown exponentially, with a CAGR of over 30% in the last decade. Key export products include:
- BrahMos Supersonic Cruise Missile
- Tejas Light Combat Aircraft (LCA)
- Dhanush Artillery Gun
- Akash Surface-to-Air Missile System
- Pinaka Multi-Barrel Rocket Launcher (MBRL)
- Electronic Warfare Systems
These products are being exported to countries like Mauritius, Vietnam, Sri Lanka, UAE, Israel, Saudi Arabia, Brazil, Argentina, Qatar, Oman, Philippines, and Singapore.
The Philippines has signed a deal for BrahMos missiles, while the UAE has signed an MOU. India has also exported drones to Saudi Arabia, Mauritius, and Maldives.
To achieve its ambitious defense export targets, India is focusing on:
- Make in India: Encouraging indigenous defense manufacturing
- Defence Acquisition Procedure (DAP): Streamlining procurement processes
- Innovation and Indigenisation Fund: Supporting research and development
- Defence Export Strategy: Identifying markets and products for export
With these initiatives, India is poised to become a significant player in the global defense industry.
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