Report states US is largest recipient of India's defense exports
Date
8/26/2024 7:53:42 AM
(MENAFN) A recent report highlights that the United States is the largest recipient of India's defense exports, accounting for half of the country's total arms shipments. According to The Print, American companies import over a billion dollars worth of Indian defense systems, subsystems, and components annually.
Boeing, a major player in this trade, sources a significant portion of its parts and systems from India. The aerospace giant is further investing in the country with the development of its largest facility in Bengaluru, having committed around $190 million to this project. Boeing's partnership with Tata Group, which led to the establishment of Tata Boeing Aerospace Ltd. (TBAL) in Telangana state in 2016, underscores the depth of their collaboration.
Lockheed Martin, another key American defense contractor, also has substantial investments in India. The company has two joint ventures with Tata Group in Hyderabad, reflecting its significant stake in the Indian defense market.
The report further notes that Indo-MIM, a Bengaluru-based manufacturer specializing in metal injection molding (MIM) parts, is the largest private exporter in India's defense sector. In addition to the US, Indian defense supplies are heavily utilized by countries such as Israel, Myanmar, and Armenia.
In recent years, India has made substantial efforts to enhance its defense exports as part of its broader 'Make in India' initiative, aimed at bolstering local manufacturing. The country’s defense exports reached 210 billion rupees (approximately USD2.63 billion) in the past financial year, marking a 32.5 percent increase from the previous year. This represents a dramatic 21-fold increase over the past decade.
The Indian government, led by Prime Minister Narendra Modi’s coalition, aims to further boost this figure to 500 billion rupees (nearly USD6 billion). Officials attribute the growth to ongoing policy reforms and improvements in the business environment, including digital solutions designed to support and promote defense exports.
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