how armed forces are used for trade in India
Answers
Explanation:
The Defence industry of India is a strategically important sector in India.[1] With a strength of over 14.4 lakh (1.44 million) active personnel, it is the world's largest military force. India has the world's largest volunteer military of over 51 lakh (5.1 million) personnel. The total budget sanctioned for the Indian military for the financial year 2019 is ₹4,31,011 crore($60.9 billion).[2][3][4] In 2020, India with third largest annual defence budget (US$70 b) behind USA (US$732 b) and China (US$261 b), and second largest defence imports behind Saudi Arabia making up 9.2% of global arms import, also has domestic defence industry 80% of which is government owned public sector including DRDO and its 50 labs, 4 defence shipyards, 5 defence PSUs and 41 ordnance factories, has come up with new draft 2020 Defence Manufacturing Policy to reduce imports and enhance domestic manufacturing.[5]
"Defence Production Policy of 2018" (DPrP-2018) has a goal of becoming among the top 5 global producers of the aerospace and defence manufacturing with annual export target of US$5 billion by 2025.[6][7] 12% of worldwide arms exports (by value) reach India.[8] India domestically produces only 45% to 50% of defence products it uses, and the rest are imported.[9] India's military–industrial complex has had little success and only recently private sector was allowed to enter the defence production.[10] India's defence exports were ₹4,682 crore (US$0.66 billion) in 2017–2018 and ₹10,500 crore (US$1.47 billion) in 2018–2019, of 2018–2019 exports India's 8 Defence Public Sector Undertakings (DPSU) and 41 Ordnance Factories (OF) contributed ₹800 crore (7.6% of total defence exports).[6] During 2014-2018 India was the world's second largest defence importer.