Finance Minister Nirmala Sitharaman said on Monday that India reduced its reliance on imports to meet its defence requirements and became a net exporter of arms.
"The emphasis on defence production is a matter of pride. India is becoming the hub for defense production," she said during the fourth convocation ceremony of the Rashtriya Raksha University in Gandhinagar. "From being the second-largest arm importer of defence, India has become a net exporter."
The minister also stressed on the need to make the armed forces more technologically advanced to be able to protect India's economic interests.
"We need forces that are trained and better equipped from this university. We need forces within the country who are tech savvy and consious of the threats before us in the digital world, which is a big catalyst for our economy to grow," Sitharaman said.
India's defence exports have crossed a record Rs 21,000 crore from Rs 2,000 crore a decade ago, according to the government.
Over Rs 4 lakh crore worth of defence orders were placed last year, with major beneficiaries being domestic companies like Hindustan Aeronautics Ltd., Mazagon Dock Shipbuilders Ltd. and Larsen & Toubro Ltd. The orders include air defence systems and radars, fast patrol vessels, helicopters, aircrafts, navigation systems and electronic warfare suite.
The government has focused on defence indigenisation to advance local technological base, minimise costly imports and shed reliance on foreign powers.
Sitharaman also said Indian armed forces played a key role in maritime security in the Indian Ocean region. She said the Indian Navy and Coast Guard acted against piracy in the Red Sea and Arabian Sea areas.
"India has earned a special name as first responder. We have expertised disaster management and human resources," she said.
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