India’s Defence Exports Exceed Rs 21,000 Crore, Surge Over 32% in FY 2023-24

New Delhi: India’s defence exports have surged by 32.5% this fiscal year, crossing the Rs 21,000-crore milestone for the first time. This growth reflects India’s commitment to enhancing its indigenous defence manufacturing ecosystem and military exports, as stated by the defence ministry on Monday.

“Defence exports have reached a record Rs 21,083 crore (approximately US$ 2.63 billion) in the Financial Year (FY) 2023-24, marking a 32.5% growth over the previous fiscal year when the figure stood at Rs 15,920 crore. The recent data indicates that defence exports have grown 31 times in the last 10 years compared to FY 2013-14,” the ministry said in a statement.

India produces a wide range of weapons and systems, including the Tejas light combat aircraft (LCA), various types of helicopters, warships, tanks, artillery guns, missiles, rockets, military vehicles, and ammunition.

India has intensified its focus on the defence manufacturing sector over the past five to six years, implementing several measures to achieve self-reliance. These include banning the import of various weapons, systems, and parts, creating a separate budget for purchasing locally made military hardware, increasing foreign direct investment from 49% to 74%, and improving the ease of doing business.

According to reports, the private sector and defence public sector undertakings (DPSUs) contributed approximately 60% and 40%, respectively, to defence exports. The number of export authorisations rose from 1,414 in FY 2022-23 to 1,507 in FY 2023-24.

“Delighted to inform everyone that Indian Defence Exports have reached unprecedented heights, crossing the Rs 21,000 crore mark for the first time in Independent India’s history! India’s defence exports have reached Rs 21,083 crore in the financial year 2023-24, marking a spectacular growth of 32.5% over the previous fiscal year,” Defence Minister Rajnath Singh wrote on X.

India has set a defence export target of Rs 35,000 crore by 2024-25. The country currently exports military hardware to around 85 countries, with approximately 100 firms involved in the exports. These exports include missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, various radars, surveillance systems, and ammunition.

Comparative data for the periods 2004-05 to 2013-14 and 2014-15 to 2023-24 shows that defence exports grew 21 times, the statement said. “Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has increased to Rs 88,319 crore in the period from 2014-15 to 2023-24.”

Leave a Reply

Your email address will not be published. Required fields are marked *