India Achieves Record ₹21,083 Crore Defence Exports in FY 2023-24

By A Staff Reporter

New Delhi | India’s defence exports reached an all-time high of ₹21,083 crore (approximately US$ 2.63 billion) in the financial year 2023-24, reflecting a 32.5% growth over the previous fiscal, which stood at ₹15,920 crore. The figures, released as part of the Ministry of Defence’s Year-End Review for 2024, underline the rapid strides made by the country in establishing itself as a key player in the global defence manufacturing sector.

The data reveals a remarkable 31-fold growth in defence exports over the last decade, compared to the ₹683 crore achieved in FY 2013-14. This growth has been attributed to the combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs). The private sector contributed approximately 60% of the total exports, while the remaining 40% was achieved by DPSUs.

The Ministry highlighted that the achievement underscores the success of policies designed to boost indigenous manufacturing under the "Aatmanirbhar Bharat" (self-reliant India) initiative. Defence Minister Rajnath Singh has expressed confidence that the nation is on track to meet its ambitious target of exporting defence equipment worth ₹50,000 crore by 2029.

The government has implemented several measures to drive this growth, including streamlined export policies, technology development, and partnerships with global firms. Notable achievements in recent years include the export of advanced weaponry, radar systems, and maritime equipment to nations across Asia, Africa, and Latin America.