Bharat Electronics Limited (BEL), a state-run enterprise, has announced an ambitious financial target of Rs 20,300 crore for the fiscal year 2023-24. The company’s Chairman and Managing Director, Bhanu Prakash Srivastava, attributed this goal to the surging demand for indigenous products, driving the company’s growth trajectory.

In a recent interview, Srivastava highlighted that BEL’s order book, as of August 1 this year, stood impressively at around Rs 64,800 crore. Positioned as a ‘Navratna’ Public Sector Undertaking (PSU) under the Ministry of Defence, BEL has demonstrated a 15 percent growth in the previous financial year, achieving a turnover of approximately Rs 17,300 crore.

Srivastava underlined the significant role government policies play in the defense sector’s vitality, citing factors such as geopolitical dynamics, security threats, and national economic growth. Notably, he emphasised that the Government of India’s emphasis on self-reliance is fostering domestic industry, underscored by restrictions on the import of specific categories of defense equipment. He articulated, “This approach will augment the demand for indigenous products and services in the foreseeable future, propelling BEL’s growth.”

Highlighting BEL’s commitment to indigenous development, Srivastava revealed that the company invests a substantial six to seven percent of its turnover in research and development, aimed at bolstering indigenization and value addition. As a testament to these efforts, BEL has achieved an impressive 70 to 80 percent of its turnover from indigenous products.

Looking beyond domestic borders, BEL is poised to harness its export potential in both defense and non-defense sectors. Srivastava disclosed that the company has established overseas marketing offices in key locations like Vietnam, Sri Lanka, Oman, the United States, and Singapore. Furthermore, BEL’s expansion strategy extends to new geographic territories, with plans underway to initiate marketing offices in Brazil, Armenia, and Kazakhstan.

Srivastava concluded on a confident note, emphasising that BEL’s status as a prominent indigenous solution provider in the defense sector positions it for increased opportunities in the forthcoming years. The company’s strategic endeavors, coupled with its commitment to innovation and indigenization, are anticipated to drive sustained growth in the face of evolving defense and economic dynamics.

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