Lankan Ranger
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India's Ordnance Factory Board reports sharp exports fall
The Ordnance Factory Board (OFB), a state-owned industrial grouping consisting of 39 defence factories across India, has implemented a series of strategies to expand defence exports after posting only USD18.25 million in international sales over the past four years.
In a parliamentary reply on 13 December, Minister of State for Defence M M Pallam Raju said that the OFB's strategies were focused on "improving its visibility and market presence". Figures released by Raju also showed that the value of these exports was falling rapidly.
In Fiscal Year (FY) 2007-08 OFB exports reached USD6.8 million and in FY08-09 they reached USD8.7 million. However, in FY09-10 international sales dropped to USD2.6 million and in FY10-11, which ends in March 2011, the figure is only USD153,000. Raju did not speculate as to the reason for the decrease but it is likely to be linked to the global economic downturn.
India's Ordnance Factory Board reports sharp exports fall
The Ordnance Factory Board (OFB), a state-owned industrial grouping consisting of 39 defence factories across India, has implemented a series of strategies to expand defence exports after posting only USD18.25 million in international sales over the past four years.
In a parliamentary reply on 13 December, Minister of State for Defence M M Pallam Raju said that the OFB's strategies were focused on "improving its visibility and market presence". Figures released by Raju also showed that the value of these exports was falling rapidly.
In Fiscal Year (FY) 2007-08 OFB exports reached USD6.8 million and in FY08-09 they reached USD8.7 million. However, in FY09-10 international sales dropped to USD2.6 million and in FY10-11, which ends in March 2011, the figure is only USD153,000. Raju did not speculate as to the reason for the decrease but it is likely to be linked to the global economic downturn.
India's Ordnance Factory Board reports sharp exports fall