Defence exports increased 700% in 3 years: Rawat - The Hindu - 10-09-2020
India is the third-largest spender on defence around the world.
A series of measures have been taken since 2014 to boost exports, including simplified defence industrial licensing, relaxation of export control and grant of No Objection Certificates (NOC).
Specific incentives were introduced under the foreign trade policy.
The Ministry of External Affairs has facilitated a Line of Credit for foreign countries to import defence products.
Where feasible, defence exports can also be financed through the Exim Bank.
Defence attaché in Indian missions are empowered to promote defence exports, with a view to strengthening defence diplomacy.
With the aim to achieve a manufacturing turnover of USD25 bn or Rs.1,75,000 crore, including exports of USD 5 bn in aerospace and defence goods and services by 2025, the Defence Ministry issued a draft ‘Defence Production & Export Promotion Policy 2020’.