India’s defence exports up by 32%, touches ₹21,083 Crore in 2023-24

The Indian government had set an ambitious target to achieve ₹50,000 crore in defence exports by 2029.

To achieve this growth, there was a strong emphasis on expanding the range of exported products and offering international collaborations.

Towards this end world beater BRAHMOS missiles got exported to Philippines and now another order is likely to be placed by Vietnam,

The Ministry of Defence also remains committed to increasing domestic production capabilities and removing dependency on imports at a rapid rate.

India’s defence exports have already achieved a remarkable milestone, reaching a record ₹21,083 crore in the financial year 2023-24. This represents a significant growth of 32.5% compared to the previous fiscal year’s exports of ₹15,920 crore.

Over the past decade, India’s defence exports have grown an astonishing 31-fold, highlighting the country’s increasing prominence in the global defence market.

The growth in defence exports is te result of joint efforts between the private sector and Defence Public Sector Undertakings (DPSUs).

The private sector accounted for approximately 60% of total exports, while DPSUs contributed the remaining 40%.

There has been a notable increase in export authorisations, rising from 1,414 in FY 2022-23 to 1,507 in FY 2023-24. This increase reflects growing confidence in Indian defence products and technologies.

Strategic policy reforms aimed at enhancing the ease of doing business and promoting indigenous manufacturing have played a crucial role.

Initiatives such as Open General Export Licenses (OGEL) and an online EXIM portal have streamlined export procedures, facilitating faster approvals and connecting manufacturers with global markets.

The record-breaking defence exports for FY 2023-24 not only signify an economic achievement but also underscore India’s evolving role as a key player in the global defence sector.

With continued policy support and innovation, India is poised to further strengthen its position in this critical industry.