In a historic announcement, Defence Minister Rajnath Singh revealed that India’s defense exports have surpassed ₹21,000 crore, approximately $2.63 billion, for the very first time. This achievement marks an outstanding growth of 31 times over the past decade compared to FY 2013-14, according to recent figures released by the Ministry.
India remains the world’s largest arms importer for the period of 2019-23, with imports increasing by 4.7% compared to the 2014-18 period, as per recent data from the Stockholm International Peace Research Institute (SIPRI).
Expressing his delight, Mr. Singh shared, “I’m thrilled to announce that Indian defense exports have reached an unprecedented high, crossing the ₹21,000 crore milestone in the financial year 2023-24. This represents a spectacular growth of 32.5% over the previous fiscal year.” He attributed this success to the initiatives taken under Prime Minister Narendra Modi’s leadership, aimed at boosting India’s defense manufacturing and exports.
The Ministry disclosed that the private sector and DPSUs contributed around 60% and 40%, respectively, to the overall achievement. Moreover, there has been a notable increase in the number of export authorizations issued to defense exporters during FY 2023-24, rising from 1,414 to 1,507, as stated in the Ministry’s statement.
The Ministry further revealed that a comparative analysis spanning two decades, from 2004-05 to 2013-14 and 2014-15 to 2023-24, showcases a remarkable growth of 21 times in defense exports. Total defense exports during 2004-05 to 2013-14 amounted to ₹4,312 crore, which surged to ₹88,319 crore in the period from 2014-15 to 2023-24. This growth underscores the increasing global acceptance of Indian defense products and technologies.
This milestone achievement underscores India’s growing prowess in the global defense sector and reflects its journey towards self-reliance and global recognition in defense manufacturing.
