NEW DELHI: India has emerged as the third-largest arms exporter to Europe, driven by the rising demand for defence goods under the "Rearm Europe" initiative and backed by an expanding domestic manufacturing sector, Defence Secretary Rajesh Kumar Singh said on Friday.
"Our exports have reached an all-time high of Rs 38,424 crore, which is about 3.6 billion euros, and I was reading a Bloomberg report yesterday, which said that suddenly, over the last year, India became the third-largest exporter of arms to Europe, mainly because of the Rearm Europe initiative. As a result, a lot of standard ammunition of different types, artillery shells, and large- and small-calibre ammunition started getting exported to Europe in significant numbers," Rajesh Kumar Singh told journalists.
He pointed out that over the last 10 years, there has been tremendous growth in India’s defence manufacturing ecosystem. Apart from the 16 large public sector companies, it has almost 840 large and medium-sized private sector firms as well as some 17,000 small enterprises, including startups.
"The result of this diversified industrial base is becoming visible in terms of the value of domestic sales, which are now almost 17 billion euros," he added.
The Defence Secretary further stated that India now exports defence goods to more than 80 countries. Besides, the government tries to ensure that 75 per cent of the defence capex of around 20 to 25 billion dollars every year gets spent within the country, as priority is given to IDDM products, which are Indian-designed, developed, and manufactured, to ensure technological sovereignty.
India’s defence exports go beyond heavy artillery and ammunition to tactical gear like helmets and bulletproof jackets to small arms, he said.
He said that a lot of buyers, particularly in Southeast Asia, have contracts that are all in public negotiations. These involve a whole gamut of different types of defence components, small arms of different types, and artillery gun systems. (IANS)