India targets global markets with a new plan to enhance its defense exports. This approach aims to attract foreign customers looking for affordable military solutions by providing overseas buyers with long-term, low-interest loans via its state-owned Export-Import Bank. This initiative focuses on countries that have traditionally relied on Russian military equipment, according to a report by Reuters on April 16, which cites sources knowledgeable about the plan.
With the global demand for military hardware on the rise, New Delhi is striving to establish itself as a cost-effective alternative supplier. This strategy involves increasing the number of defense attachés in embassies across Africa, Southeast Asia, and South America, as well as having the Indian government engage directly in certain arms negotiations, according to multiple Indian officials who spoke to Reuters.
The focus of this initiative is on nations that have traditionally acquired Soviet or Russian military equipment, which often aligns more closely with Indian technology than with NATO systems. The countries of interest are Brazil, Algeria, Morocco, Guyana, Tanzania, Argentina, Ethiopia, and Cambodia.
Prime Minister Narendra Modi’s government aims to increase defense exports to $6 billion by 2029. Although India did not reach its $3.5 billion export goal last year, defense sales have grown significantly from just $230 million a decade ago.
This expansion occurs as numerous countries reassess their defense suppliers in light of Russia’s invasion of Ukraine in 2022. Moscow has shifted much of its arms production to support its military efforts, while Western nations have supplied their stockpiles to Ukraine, resulting in a global shortage of military supplies.
Given its experience in importing and adapting both Russian and Western technologies, India has begun to receive a greater number of inquiries, according to an Indian official who spoke with Reuters.
Domestically produced artillery shells in India are priced at approximately $300 to $400 each, significantly lower than their European counterparts’ $3,000 price tag. Additionally, Indian manufacturers offer howitzers for around $3 million each, while the European versions are priced at double that amount.
On April 7, Ukraine’s military intelligence (HUR) announced that they had found an Indian-made part in a Russian weapon system for the first time. HUR stated that a clock buffer from the Indian company Aura Semiconductor was found in Russian military gear.
MUST READ: Zelenskyy Highlights China’s Weapon Production for Russia in Ukraine War Briefing
