02-Apr-2024
2 mins read
India’s defence exports in the financial year 2024 hit an all-time high of Rs 21,083 crore, a jump of 32.5% compared to the previous financial year.
India’s Defence Minister, Rajnath Singh posted on X “Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed ₹21000 crore mark for the first time in the history of Independent India,"
These figures indicate that defence exports have grown 31 times in the last decade. The defence industry, including private and public sector companies, has made a huge effort to achieve the highest export ever. The private sector has contributed 60%, and the public sector has contributed over 40%.
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India’s Defence Exporters Authorisations Rises
There has been a sharp rise in the number of export authorisations issued to the exporters in the defence industry during the financial year 2023 - 2024. In FY23, there were 1414 export authorisations, now the number has jumped to 1,507 in FY24.
After doing comparative data analysis for two decades, it is found that the period from 2004 to 2014 and 2015 to 2024 has shown a growth of 21 times in defence exports.
What Ministry of Defense Commented?
The Indian Ministry of Defense said this remarkable growth has been achieved due to the policy reforms and ease of doing business initiative brought in by the Government. Also, the end-to-end digital solutions provided to the industries to promote defence exports. This growth shows the global acceptance of Indian defence products.
India is exporting its locally manufactured defence projects to over 85 countries, and over 100 firms are actively exporting defence projects. This shows that India is becoming self-reliant, and a leader worldwide believes that the 21st century belongs to India.
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