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Defence exports have surged to a historic high of Rs 21,083 crore in the Financial Year (FY) 2023-24, marking a remarkable 32.5percent increase compared to the previous fiscal year.
This substantial growth, amounting to approximately US$ 2.63 billion, signifies a significant leap from the Rs 15,920 crore recorded in the preceding fiscal period. Over the past decade, defence exports have seen an impressive 31-fold increase, underscoring the sector’s robust expansion since FY 2013-14.
According to the official statement issued by the Ministry of Defence on April 1, 2024, the defence industry, comprising both the private sector and Defence Public Sector Undertakings (DPSUs), has played a pivotal role in achieving this milestone.
Notably, the private sector has contributed approximately 60percent of the total exports, with DPSUs accounting for the remaining 40percent. This collaborative effort underscores the sector’s collective commitment to bolstering India’s defence capabilities on the global stage. Moreover, there has been a notable uptick in the issuance of export authorizations to defence exporters during FY 2023-24.
The number of export authorizations rose from 1,414 in FY 2022-23 to 1,507 in the latest fiscal year, reflecting a growing momentum in defence trade activities.
WION
CNBC
Comparative data spanning two decades, from 2004-05 to 2013-14 and 2014-15 to 2023-24, reveals a staggering 21-fold increase in defence exports. Total defence exports during the period from 2004-05 to 2013-14 amounted to Rs 4,312 crore, soaring to Rs 88,319 crore in the subsequent decade.
This remarkable growth trajectory can be attributed to policy reforms and ‘Ease of Doing Business’ initiatives introduced by the Government, alongside the implementation of end-to-end digital solutions to facilitate defence exports.
The global acceptance of Indian defence products and technologies further underscores the nation’s rising prominence in the international defence arena.
