Defence exports have touched a record Rs 21,083 crore (approx. US$ 2.63 Billion) in the FY 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore.

Defence Exports Touch Record Rs 21083 Crore in FY 2023-24

Defence exports have touched a record Rs 21,083 crore (approx. US$ 2.63 Billion) in the FY 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore. The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to FY 2013-14.  The defence Industry, including the private sector and Defence Public Sector Undertakings (DPSUs), have made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60% and 40% respectively.

In addition, there has been a rise in the number of export authorisations issued to the defence exporters during FY 2023-24. From 1,414 export authorisations in FY 2022-23, the number jumped to 1,507 in FY 2023-24. A comparative data of two decades i.e. the period from 2004-05 to 2013-14 and 2014-15 to 2023-24 reveals that there has been a growth of 21 times in the defence exports.

Total defence exports during 2004-05 to 2013-14 were ₹4,312 crore, which has gone up to ₹88,319 crore in the period from 2014-15 to 2023-24,” the Ministry said.

Initiatives Undertaken By The Defence Ministry

A series of initiatives implemented by the Defence Ministry have catalysed India’s defence manufacturing sector, fostering technological advancements and creating a conducive environment for both public and private sectors to contribute to defence exports. Around 50 Indian companies, spanning public and private sectors, have played a pivotal role in India’s defence export success story, showcasing commendable innovation, efficiency, and quality standards.

India’s defence exports have expanded geographically, reaching countries such as Italy, Maldives, Sri Lanka, Russia, UAE, Poland, Philippines, Saudi Arabia, Egypt, Israel, Spain, Chile, among others, highlighting the growing demand for Indian defence products globally. Major defence items being exported include Personal Protective Items, Offshore Patrol Vehicles, ALH Helicopters, SU Avionics, Coastal Surveillance Systems, Light Engineering Mechanical Parts, Kavach MoD, among others, contributing significantly to India’s defence export portfolio.