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.
