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India’s Defence export

Facts for Prelims (FFP)

 

 

Source: LM

 

Context: India’s defence exports have increased tenfold in the last six years (from about 1500cr in 206-17 to nearly 16000 cr by 2022-23)

 

 

Status of India in defence export:

  • India exports to 85 countries– Top three recipients are Myanmar, Sri Lanka and Armenia
  • of firms involved: over 100
  • Target: US $5 bn by 2024-25

 

Some of the schemes for defence export promotion:

  • Institutional: Formulation of Defence export strategy, Defence export steering committee and Export Promotion Cell (EPC)
  • Negative list: India has formulated a negative list of countries for defence export by the Ministry of External Affairs (MEA)
  • End-to-end online export authorisation
  • Allowing FDI in defence up to 74% (by automatic route)
  • Open General Export License (OGEL): An export license to export specified items to specified destinations

Related news:

 

Source: LM

India may acquire a slew of American weapons for its Navy – including Hellfire missiles and Mark 54 anti-submarine torpedoes for its MH-60 Romeo multirole helicopters.

 

MK 54 lightweight torpedoes are USA’s primary anti-submarine warfare weapon. It can track, classify, and attack underwater targets.