Defence Minister Rajnath Singh announced on Monday that India’s defence exports have surged to an unprecedented level of ₹21,083 crore in the financial year 2023-24, marking a remarkable 32.5% growth compared to the preceding fiscal year.
Highlighting the remarkable expansion of both the private sector and Defence Public Sector Undertakings (DPSUs) in recent years, Defence Minister Rajnath Singh attributed this achievement to the concerted efforts of the defence ministry to stimulate India’s defence manufacturing and exports.
In a statement, Defence Minister Singh expressed his satisfaction at India’s defence exports crossing the ₹21,000 crore mark for the first time in the history of Independent India, crediting the visionary leadership of Prime Minister Shri Narendra Modi for fostering an environment conducive to enhancing India’s defence manufacturing and exports.
This achievement underscores India’s significant progress in transitioning from being a defence importer to a notable exporter in recent years. The Ministry of Defence’s initiatives have propelled India’s defence manufacturing capabilities to new heights, leading to a surge in exports. Notably, Indian defence products such as LCA-Tejas, light combat helicopters, and aircraft carriers have garnered increased global interest.
According to reports, India’s locally manufactured defence products are now being exported to over 85 countries, reflecting the robustness of its defence industry. Over 100 firms are actively engaged in exporting defence products, showcasing India’s prowess in this sector. Furthermore, India has successfully exported sophisticated defence systems, including 155 mm Advanced Towed Artillery Guns and Brahmos Missiles, to various countries.
The surge in defence exports not only underscores India’s growing self-reliance (Atmanirbhar Bharat) but also positions the country as a significant player in the global defence market. As India continues to strengthen its defence manufacturing capabilities, the trajectory of its defence exports is expected to further ascend, contributing to the nation’s economic growth and strategic objectives.
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