MoD: India’s defence exports touch record Rs 2,1083 Cr in FY 2023-24.

GNS ONLINE NEWS PORTAL 

SHYAM SOOD

Defence exports have grown 31 times in the last 10 years.
Increase of 32.5% over last fiscal. The private sector contributes 60%, DPSUs 40%.

RAJOURI-(DELHI), APRIL 01:-Ministry of Defence (MoD) on Monday said that 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.
The recent figures indicate that the defence exports have grown 31 times in the last 10 years as compared to FY 2013-14.
“The defence Industry, comprising both the private sector and Defence Public Sector Undertakings (DPSUs), has played a pivotal role in achieving this milestone,” said MoD.
“Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed Rs 21000 crore mark for the first time in the history of Independent India! India’s defence exports have reached to the level of Rs.21,083 Crore in the financial year 2023-24 which is a spectacular growth of 32.5% over the previous fiscal year” read Defence Minister Rajnath Singh post on X.
MoD said that the private sector and the DPSUs have contributed about 60% and 40% respectively.
In addition, there has been a rise in the number of export authorisations issued to the defence exporters during financial year 2023-24.
From 1,414 export authorisations in FY 2022-23, the number jumped to 1,507 in FY2023-24.
“A comparative data of two decades i.e. 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,” said MoD.
It added that 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 exportsexports.
This growth reflects 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.