India’s Defense Exports Surpass ₹21,000 Crore Mark

India’s defense exports have achieved a significant milestone, surpassing the ₹21,000-crore mark for the first time in the financial year 2023-24, marking a remarkable growth of 32.5% compared to the previous fiscal year, according to the defense ministry. The ministry highlighted that defense exports have seen an exceptional surge over the past decade, growing 31 times since the financial year 2013-14.

Private sector entities and defense public sector undertakings (DPSUs) have played pivotal roles in this achievement, contributing approximately 60% and 40%, respectively, to the overall defense exports. The number of export authorizations also saw an increase from 1,414 in the financial year 2022-23 to 1,507 in the financial year 2023-24.

Defense Minister Rajnath Singh expressed his delight over this milestone, underscoring the significant growth trajectory of Indian defense exports. He mentioned that India has set an ambitious target of ₹35,000 crore in defense exports by the financial year 2024-25. Currently, India exports military hardware to around 85 countries, involving approximately 100 firms. These exports encompass a wide array of defense equipment, including missiles, artillery guns, rockets, armored vehicles, offshore patrol vessels, radars, surveillance systems, and ammunition.

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The statement from the defense ministry highlighted the remarkable growth in defense exports over the years, citing comparative data from 2004-05 to 2013-14 and from 2014-15 to 2023-24, where defense exports increased by 21 times. Singh credited Prime Minister Narendra Modi’s leadership for fostering a conducive environment for defense manufacturing and exports, commending the performance of defense industries, including the private sector and DPSUs.

India’s focus on defense manufacturing has intensified over the past few years, with various policy initiatives and reforms aimed at achieving self-reliance in defense production. Notably, the country has witnessed a rise in military exports and a reduction in imports due to these initiatives and reforms. Last year, India crossed the ₹1 lakh crore mark in defense production for the first time, indicating significant growth in the sector.

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India’s defense manufacturing capabilities encompass a wide range of weapons and systems, including the Tejas light combat aircraft (LCA), helicopters, warships, tanks, artillery guns, missiles, rockets, military vehicles, and ammunition. The government has implemented various measures to promote indigenous defense manufacturing, such as banning imports of certain weapons and systems, increasing foreign direct investment, and improving the ease of doing business in the sector.