India Targets $6 Billion Arms Exports by 2029 With Cheap Loans, EXIM Bank Support, and Expanded Diplomatic Push

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Updated Apr 16, 2025, 06:39 PM

India is expanding its defense exports by offering long-term, low-cost loans to foreign buyers through the state-owned Export-Import Bank of India (EXIM), which has a loan portfolio of $18.32 billion. The initiative targets countries that have traditionally relied on Russian arms, including those with higher political or credit risks. As part of this strategy, India will deploy 20 new defense attachés to embassies by 2026, focusing on regions such as Africa, Southeast Asia, and South America. These attachés will promote Indian-made weapons and directly negotiate arms deals. The government, led by Prime Minister Narendra Modi, is leveraging India's cost advantage and growing defense manufacturing sector. India's defense production reached $14.8 billion in the 2023–24 fiscal year, a 62% increase from 2020. The government aims to double defense exports to $6 billion by 2029, though it missed a $3.5 billion export target last year. Indian-made 155mm artillery shells are priced at $300–$400 each, compared to over $3,000 in Europe, and howitzers are sold for around $3 million, about half the European rate. Countries such as Armenia, which now sources 43% of its arms imports from India, are diversifying away from Russian suppliers. India is in talks to supply Akash missiles and potentially co-build battleships with Brazil. Private sector players like Adani Defence and SMPP are increasing production to meet rising demand for artillery ammunition and other equipment.

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#India #Russian #Africa #Southeast Asia #South America #Narendra Modi #Europe #European #Armenia #Akash #Brazil #Adani Defence #SMPP

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Sources

reuters.com(6)economictimes.indiatimes.com(2)kyivindependent.com businessam.be

The Kyiv Independent

@KyivIndependent

⚡️India is developing a new strategy to boost its defense exports, offering long-term, low-cost loans through its state-owned Export-Import Bank to foreign buyers, including those traditionally reliant on Russian arms, Reuters reported on April 16. https://t.co/HiqI3LbhWZ

RT_India

@RT_India_news

India-Russia Weapons Firm Aiming To Arm Kerala Police - Make In 🇮🇳 Boost? A joint venture based in India, Indo-Russian Rifles Pvt Ltd, is competing to supply AK-203 assault rifles to the Kerala State Police. If selected, the force will be the second Indian agency to adopt the https://t.co/0zw5mhqyfY

Business AM

@businessamnl

India wants to double arms exports by 2029 https://t.co/10O53iLC17 #India #wapenexport #defensie #strategischepositie #diplomatie https://t.co/tOa3OO5cnm