In a major development, India has evolved into the world's 23rd biggest arms exporter on the globe while also bringing down its overall imports of arms by 32 per cent since 2015, reports Economic Times.

The nation's which import the most of Indian arms exports include Myanmar which accounts for a share of a whopping 46 per cent, Sri Lanka which has a share of 25 per cent, and Mauritius which has a share of 14 per cent.

The achievement comes as a vital boost for the Government of India's flagship Make in India programme. Earlier India was the biggest arms importer in the world. The position is now held by the Kingdom of Saudi Arabia (KSA) as India has lowered its arms imports and taken to the second position.

It should also be noted that India's imports from the United States (US) have witnessed a massive dip over the past five years. The figure in 2015-19 was 51 per cent lower than the figure in 2010-14.

Meanwhile, Russia accounts for as much as 56 per cent of the nation's total imports. Israel and France follow Russia with a share of 14 per cent and 12 per cent respectively.