Ahead of presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman on Monday, July 22, presented Economic Survey 2024, a document which states the development of the Indian economy.
Economic Survey 2024: India Is Now Among Top 25 Arms Exporter Nations
Ahead of presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman on Monday, July 22, presented Economic Survey 2024, a document which states the development of the Indian economy. Between 2015 and 2019, India held the distinction of being the world’s second-largest arms importer. The narrative, however, has changed as India has found a place in the list of the top 25 arms-exporting countries, the survey said. According to the document tabled today, the defence industry, including the private sector and DPSUs has made tremendous efforts to achieve the highest-ever defence exports. In addition, it said, there has been a rise in the number of export authorisations issued to the defence exporters.
In December 2023, the Defence Ministry said India was now exporting to over 85 countries. Major platforms being exported include Dornier-228, 155 mm Advanced Towed Artillery Guns, Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms.
The ministry also said there was a growing global demand for LCA-TEJAS, Light Combat Helicopters, Aircraft Carrier, MRO activities etc.
India’s Defence Exports Skyrocket To $2.5 Billion in 2023-24
India recorded its highest-ever defence exports, reaching $2.5 billion (Rs 20,915 crore) in the fiscal year 2023-24, as revealed by the Economic Survey 2023-24 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha. This significant milestone marks a 25% increase from the $2 billion reported in FY23. MoD data highlighted a remarkable increase in India’s annual domestic defence production, which reached nearly Rs 1.27 trillion in FY24, a 16.7% rise from Rs 1.09 trillion in the previous fiscal year. This surge is attributed to substantial efforts by both the private defence sector and defence public sector undertakings.
The Economic Survey reported a rise in the number of export authorisations issued to defence exporters. The number of authorisations grew from 1,414 in FY23 to 1,505 in FY24, representing a growth of approximately 6.6% year-on-year. This increase has facilitated the expansion of India’s defence exports. India’s defence industry, comprising around 100 domestic companies, exports a wide variety of products and equipment.
