Milestone Achievement: Defence Minister Announces Historic Export Figures
New Delhi, 02 April, 24: Defence Minister Rajnath Singh revealed on April 1 that India's defence exports have achieved a significant milestone, surpassing ₹21,000 crore (approximately $2.63 billion) for the first time. This announcement marks a remarkable growth trajectory, with defence exports witnessing a 31-fold increase over the past decade compared to FY 2013-14.
Despite this impressive feat, recent data from the Swedish think tank Stockholm International Peace Research Institute (SIPRI) highlights that India remains the world's largest arms importer for the period 2019-23, with imports rising by 4.7% compared to the 2014-18 period.
Expressing his delight over the unprecedented achievement, Defence Minister Rajnath Singh remarked, "Delighted to inform everyone that Indian defence exports have scaled to unprecedented heights and crossed the ₹21,000 crore mark for the first time in the history of Independent India!" He further emphasized that India's defence exports have experienced a remarkable growth rate of 32.5% in the financial year 2023-24 compared to the previous fiscal year.
Singh credited Prime Minister Narendra Modi's leadership for driving several initiatives aimed at boosting India's defence manufacturing and exports. He commended the commendable performance of defence industries, including the private sector and Defence Public Sector Undertakings (DPSUs), in recent years.
According to the Ministry, the private sector and DPSUs contributed approximately 60% and 40%, respectively, to the overall defence exports. Additionally, there has been a notable increase in the number of export authorizations issued to defence exporters during FY 2023-24, rising from 1,414 to 1,507.
Comparative data spanning two decades reveals a staggering growth trajectory in defence exports. From ₹4,312 crore during 2004-05 to 2013-14, defence exports surged to ₹88,319 crore during 2014-15 to 2023-24. The Ministry attributes this remarkable growth to the growing global acceptance of Indian defence products and technologies.
