Indian defence exports pegged at Rs.1,200 crore this fiscal

India's defence exports could exceed Rs.1,200 crore this year, Defence Minister Manohar Parrikar said, hinting at a doubling as compared to the last fiscal.

"Last year, export amounted to only Rs.630 crore approximately. This year it should exceed Rs 1200 crore approximately," he said at the inaugural edition of the Global Business Forum, an initiative of Indian Institute of Technology-Bombay alumni association, held near here.

"Exports not only gives you economic benefits, but also enhances your friendship," said the minister, who is also a former Goa chief minister.

Parrikar also spelled out the three-fold benefits of the 'Make in India' campaign in the context of his ministry, noting not only make India self-reliant in case of war but an indigenous defence manufacturing sector would be a cheaper option as compared to shopping for defence equipment abroad.

"It may generate skill, employment and technology, for defence and also civil application," he added.