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India’s defence industry is benefiting from record orders
By ATUL CHANDRA
I ndia’s defence industry which 10 years as compared to FY 2013- in-principal approval for procure-
has long suffered from insuffi-
14. India has also encouraged the
ments worth over US$50 billion.
cient orders which have stymied
the MoD increasing the number
the growth of the nation’s defence export od defence equipment, with Orders Galore
ecosystem is now benefiting from of export authorisations issued to
a strong focus on indigenous the defence exporters from 1,414 The month of March saw a boost
defence procurement. India’s export authorisations in FY 2022- in orders with the MoD announcing
defence exports have increased to 23, the number jumped to 1,507 in the inking of capital procurement
approximately US$ 2.63 billion in FY 2023-24. contracts worth approximately US$
the Financial Year (FY) 2023-24, 5 billion. The contract for procure-
marking an increase of 32.5% over Indian defence exports in 2016 ment of CIWS has been signed with
the last fiscal. amounted to approximately US$ M/s.
120 million but has grown today
According to India’s Ministry of to nearly US$2 billion. The MoD The Indian firm Larsen & Toubro
(L&T) was awarded a contract
Defence (MoD), the recent figures is targeting defence exports worth worth approximately US$ 950
indicate that the defence exports nearly US$6 billion by 2028-29. In million to supply Close in Weapon
have grown by 31 times in the last FY2023-24, India’s MoD has given
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