India’s Ministry of Defense said that India has reduced arms imports and increased exports by more than eight times over the past six years.
“The Self-Sufficient India Initiative has helped by encouraging local design, development and production of defense equipment in the country, thereby reducing dependence on imports in the long term,” the ministry said in a statement. 46% of total spending in 2018-2019 to 36.7% in December 2022
India’s defense exports have grown more than eightfold since 2016-2017. “In 2016-2017, the value of defense exports was 15.2 billion rupees ($184.7 million), and today it has risen to 138 billion rupees ($1.67 billion).”
Prime Minister Narendra Modi announced the India Self-reliance Program in May 2020. The goal of the campaign is to make India self-sufficient in key sectors of the economy and increase resilience to future geo-economic shocks.
Source: News