India is the second largest arms importer between 2017 and 2021, accounting for 11 percent of the total market share with Saudi Arabia. However, in recent years, New Delhi has been making progress toward becoming a major defense exporter.

According to the latest report by India’s Press Information Bureau (PIB), the country’s defense export grew by an outstanding 334 percent over the last five years—with the highest-ever being recorded in the second quarter of 2022 at roughly $165 million.

“The Indian Defense sector, the second largest armed force, is at the cusp of revolution. Defense exports grew by 334% in the last five years; India is now exporting to over 75 countries due to collaborative efforts,” PIB tweeted on Sunday, September 25.

So far in the fiscal year 2021-2022, New Delhi’s defense and technology manufacturing exports have surpassed a new record high of approximately $1.6 billion, that’s over 54 percent compared to the previous year.