India to ensure defence exports worth ₹50K crore by 2028-29

India is currently exporting military hardware to around 85 countries, with around 100 local firms involved in the effort

As per SIPRI around 9% of total Global defence imports for year 2022-23 have been made by India. However India is currently also exporting military hardware to around 85 countries, with around 100 local firms involved in the effort. The hardware includes missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, a variety of radars, surveillance systems and ammunition.

India is now on course to achieve its defence export target of ₹50,000 crore in the next five years, as per defence ministry officials, citing export data shared by the government for the first quarter of financial year 2024-25.

India’s defence exports stood at ₹6,915 crore during April-July 2024 higher by 78% over the figure for the corresponding period in the previous FY, which was ₹3,885 crore. Out of this the share of the public and private sectors stood at 60% and 40%, respectively, as per MoD.

In April, the defence ministry announced that India’s defence exports grew 32.5% during the 2023-24 fiscal and crossed the ₹21,000-crore mark for the first time as the country remained focused on boosting the indigenous defence manufacturing ecosystem as well as military exports.

The value of exports in FY 2023-34 was 32.5% more than that in the previous year when the figure was ₹15,920 crore. Defence exports have grown 31 times in the last 10 years as compared to FY 2013-14.

Military exports have risen sharply, and imports have dropped on the back of policy initiatives and reforms during the last 10 years, the government has maintained.