In a notable shift towards self-sufficiency, Prime Minister Narendra Modi highlighted India’s progress in achieving ‘Aatmanirbharta’ in defence during his Independence Day address. Historically dependent on defence imports, India is now becoming a significant global manufacturing hub. Recent data reveals that defence production soared to an unprecedented ₹1.27 lakh crore in the financial year 2023-24. This period also saw defence exports reach a record ₹21,083 crore, marking a remarkable 32.5% increase from the previous fiscal year.
The momentum continues into the current fiscal, with the first quarter of 2024-25 witnessing a staggering 78% rise in defence exports. The Indian government reported exports worth ₹6,915 crore, up from ₹3,885 crore in the same quarter last year. Notably, the United States, France, and Armenia have emerged as the leading importers of Indian defence products, with Armenia at the forefront, importing advanced weapon systems including the Akash air defence missile systems and Pinaka multi-launch rocket systems.
In total, Indian defence sales amounted to ₹21,083 crore (approximately $2.6 billion) during 2023-24, spanning nearly 100 countries. The offerings from Indian public and private sector firms encompass a wide range of military equipment, including the BrahMos supersonic cruise missiles, Dornier-228 aircraft, artillery systems, radars, and armoured vehicles.
Furthermore, India’s recent $375-million contract to export three BrahMos anti-ship coastal missile batteries to the Philippines has sparked heightened interest among ASEAN and Gulf nations in these precision-strike capabilities, co-developed with Russia.
Despite these advancements, India still faces challenges on its journey toward defence self-reliance. The country remains the largest arms importer globally, accounting for 9.8% of total arms imports from 2019 to 2023, underscoring the need for continued growth in domestic defence capabilities.
