India’s defense exports hit Rs 21,083 crore in 2023-24, up 32.5%

India's defense exports hit Rs 21,083 crore in 2023-24, up 32.5% ANI

VoM News Desk | April 1, 2024 | 10:17 PM IST | India | Follow on Google News

India’s defense exports hit Rs 21,083 crore in 2023-24, up 32.5%

India’s defense exports hit Rs 21,083 crore in 2023-24, up 32.5%

New Delhi [India], April 1 (ANI): India’s defence exports have touched a record Rs 21,083 crore (approximately USD 2.63 billion) in the financial year 2023-24, with a growth of 32.5 per cent over the last fiscal when the figure was Rs 15,920 crore, a Ministry of Defence release said.

The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to 2013-14.The defence industry, including the private sector and defence public sector undertakings (DPSUs), has made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60 per cent and 40 per cent, respectively.

In addition, there has been a rise in the number of export authorisations issued to the defence exporters during 2023-24. From 1,414 export authorisations in 2022-23, the number jumped to 1,507 in 2023-24, the ministry said. A comparative data of two decades — the period from 2004-05 to 2013-14 and 2014-15 to 2023-24 reveals that there has been a growth of 21 times in the defence exports.Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to Rs 88,319 crore in the period from 2014-15 to 2023-24.

The remarkable growth has been achieved due to the policy reforms and ‘Ease of Doing Business’ initiatives brought in by the government, in addition to the end-to-end digital solution provided to the Indian industries for promoting defence exports.

This growth is a reflection of global acceptability of Indian defence products and technologies.Through a post on X, Defence Minister Rajnath Singh congratulated all stakeholders on crossing the new milestone in defence exports.”Our defence industries including the Private Sector & DPSUs have registered a commendable performance in the recent years. Congratulations to all stakeholders on crossing the new milestone in defence exports,” his ‘X’ post read. (ANI). 

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