: India clocks Rs 13K cr defence exports in FY22; private sector leads aerospace manufacturing #FinanceIndia #StockMarketNEWS India clocks Rs 13K cr defence exports in FY22; private sector leads aerospace

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India clocks Rs 13K cr defence exports in FY22; private sector leads aerospace manufacturing #FinanceIndia #StockMarketNEWS
India clocks Rs 13K cr defence exports in FY22; private sector leads aerospace manufacturing New Delhi, July 9 (KNN) During the financial year of 2021-2022 India’s defence exports reached Rs 13,000 crore, said Defence Secretary Ajay Kumar on Friday.

He said that in the aerospace manufacturing — both manned and unmanned aircraft private sector played an significant role.

Kumar said this whole speaking to a group of journalists at the South Block.

Present during the interaction, Additional Secretary, Sanjay Jaju said the increase in exports stood at “eight times” of what it was around five years ago.

When asked what is the ratio of exports between government-owned defence public sector undertakings (PSU) and private firms, Kumar said while it stood at 10:90 earlier, it is at 30:70 currently.

As per media reports it is said that Rs 2,500 crore deal between India and Philippines for the BrahMos missiles is the reason behind rise in defence PSU share from 10 per cent to 30 per cent.

A target of Rs 35,000 crore has been set by Prime Minister Narendra Modi led government in 2020.

It also includes export in aerospace, and defence goods and services in the next five years. (KNN Bureau)