Recently, Philippines signed a $374.96 million deal with BrahMos Aerospace Pvt. Ltd. for the supply of shore based anti-ship variant of the BrahMos supersonic cruise missile. This is the first export order for the missile which is a joint product between India and Russia and also the biggest defence export contract of the country. This adds impetus to the efforts to boost defence exports and meet the ambitious target set by the Government to achieve a manufacturing turnover of $25 billion or ₹1,75,000 crore including exports of ₹35,000 crore in aerospace and defence goods and services by 2025.
From 2016-17 to 2018-19, the country’s defence exports have increased from ₹1,521 crore to ₹10,745 crore, a staggering 700% growth. The value of exports of defence items including major items in Financial Year 2014-15 and 2020-21 was ₹1,940.64 crore and ₹8,434.84 crore respectively. India has set itself an ambitious target to achieve a manufacturing turnover of $25 billion or ₹1,75,000 crore including exports of ₹35,000 crores in aerospace and defence goods and services by 2025.
In the last few years, India has put out a range of military hardware on sale which includes various missile systems, Light Combat Aircraft (LCA), helicopters, warship and patrol vessels, artillery guns, tanks, radars, military vehicles, electronic warfare systems in addition to other weapons systems.
To provide faster approvals for export of major defence platforms, a committee comprising of the Defence Minister, External Affairs Minister and National Security Advisor was set up. This Committee would authorise subsequent exports of major indigenous platforms to various countries. The Committee would also explore various available options including the Governmentto-Government route.