In the 2022-2023 financial year, India saw a big boost in its military exports. The country signed new contracts worth $1.9 billion, which is $360 million more than the previous year. This amount is also ten times larger than what was recorded in 2016-2017. While India sells to many countries, Armenia has become its top customer since 2020. They’ve bought a wide range of Indian weapons, from heavy artillery to drones.
While the military department officially acknowledges sending products to 85 countries, Armenia has emerged as the primary customer driving the substantial increase in foreign supplies. Since 2020, Armenia has engaged in contracts for a significant quantity of Indian weaponry, ranging from howitzers and MLRS to air defense systems and UAVs.
India’s partnership with Armenia benefits both countries. For India, it’s a chance to showcase its military products and increase international sales. Armenia, on the other hand, gets access to advanced Indian weaponry. This successful relationship also helps India market its products to other nations.
The rise of India in military exports reflects a bigger global trend. In the past, only a few countries dominated the arms trade. Now, newer players like Turkey, Iran, South Korea, and the UAE are becoming major players in this industry. This shows a shift in the structure of global military exports.
In FY 2023, India achieved a significant milestone in its defence sector by surpassing ₹1 lakh crore in production, a goal that resonates with Prime Minister Narendra Modi’s vision for the nation’s defence capabilities. Defence secretary Giridhar Aramane has set an ambitious target of ₹1.75 lakh crore by FY 2025. To achieve this, there is a concerted effort to bolster domestic production capacity. Additionally, with an emphasis on promoting private sector participation, Aramane anticipates that 45% of the forthcoming orders will be directed towards private entities.
