Defence exports surge to record Rs 21,083 crore in FY 2023-24
In a significant milestone, India’s defence exports have reached an all-time high of Rs 21,083 crore (approximately US$ 2.63 Billion) in the Financial Year (FY) 2023-24, marking a substantial 32.5% increase from the previous fiscal’s figure of Rs 15,920 crore. This growth trajectory underscores a remarkable 31-fold increase in defence exports over the past decade, reflecting a robust global demand for Indian defence products and technologies.
The private sector has emerged as a pivotal contributor to this success, accounting for approximately 60% of the total exports, while Defence Public Sector Undertakings (DPSUs) contributed the remaining 40%. This collaborative effort between the private and public sectors underscores the industry’s collective commitment to achieving new milestones in defence exports.
Furthermore, the number of export authorisations issued to defence exporters has witnessed a notable uptick, rising from 1,414 in FY 2022-23 to 1,507 in FY 2023-24, signifying a growing international recognition and acceptance of Indian defence products.
Comparing the data from two decades (2004-05 to 2013-14 and 2014-15 to 2023-24) reveals an exponential growth trajectory, with defence exports increasing by 21 times. The total defence exports from 2004-05 to 2013-14 amounted to Rs 4,312 crore, a figure that has surged to Rs 88,319 crore in the period from 2014-15 to 2023-24.
This remarkable growth can be attributed to the Government’s strategic policy reforms and ‘Ease of Doing Business’ initiatives, along with the implementation of end-to-end digital solutions for Indian industries, facilitating streamlined processes and promoting defence exports. The success story of India’s defence exports underscores the global confidence in the quality and technological prowess of Indian defence products, paving the way for further growth and expansion in the international market.
