India’s defence exports to exceed target
India’s defence exports are expected to surpass the target of Rs 35,000 crore by 2024-25, according to Shri Ajay Kumar, Secretary, Defence Production Department. This exponential growth in defence exports has been attributed to the strong growth in shipments in recent years. He also asserted that the government has been actively involved in giving a boost to the private sector & MSMEs to invest in defence production under the existing production policy. For instance, the Ordinance Factory Board (OFB) had decided to scrap capacity verification for almost 90% of the products, excluding some sensitive items. OFB and defence PSUs are also planning to outsource about 3,000 items to encourage the MSME sector.