India's Defence Exports Soar to New Heights, Achieving Record Growth in FY2023-24

India's defence exports skyrocketed to an unprecedented Rs 21,083 crore (USD 2.63 billion) in FY2023-24, marking a 32.5% increase from the previous fiscal. This surge represents a 31-fold rise over the last decade, fueled by contributions from both private and public sectors. The Defence Ministry aims for Rs 50,000 crore in exports by 2029.

India's defence exports have reached a record high, touching Rs 21,083 crore (approximately USD 2.63 billion) in the fiscal year 2023-24, showcasing a 32.5% growth over the previous year, when exports were valued at Rs 15,920 crore. This increase illustrates a phenomenal 31-fold growth over the past decade, compared to the fiscal year 2013-14.

According to the year-end review by the Defence Ministry, contributions from both the private sector and Defence Public Sector Undertakings (DPSUs) have been pivotal, accounting for 60% and 40% of exports, respectively. Defence Minister Rajnath Singh is optimistic about reaching the ambitious target of Rs 50,000 crore in defence exports by 2029.

In a bid to enhance self-reliance in defence and reduce imports by DPSUs, the Department of Defence Production announced the fifth Positive Indigenisation List (PIL) in July, comprising 346 items. These join the already existing lists, including sophisticated systems, sensors, weapons, and ammunition.

The Defence Ministry reported that in 2023-24, the indigenous defence production achieved its highest growth in value terms. Production soared to Rs 1,26,887 crore, advancing by 16.7% compared to the previous fiscal year's Rs 1,08,684 crore. DPSUs and other public sector units contributed 79.2% of this value, with the private sector adding 20.8%, signaling consistent growth across sectors.

(With inputs from agencies.)