Private sector dominates as defence exports surge to record Rs 21,083 crore in FY 2023-24

The remarkable growth trajectory can be attributed to the policy reforms and ‘Ease of Doing Business’ initiatives implemented by the Government

   

In a significant milestone for India’s defence industry, exports have surged to a record-breaking Rs 21,083 crore (approximately US$ 2.63 Billion) in the Financial Year (FY) 2023-24. This marks a remarkable 32.5 per cent increase from the previous fiscal year, where the figure stood at Rs 15,920 crore. Over the past decade, defence exports have seen an astonishing 31-fold growth compared to FY 2013-14.

The collective efforts of both the private sector and Defence Public Sector Undertakings (DPSUs) have played a pivotal role in achieving this historic high in defence exports. While the private sector contributed approximately 60 per cent to this growth, DPSUs accounted for the remaining 40 per cent.

Furthermore, the number of export authorisations issued to defence exporters witnessed a notable rise during FY 2023-24. From 1,414 export authorisations in the preceding fiscal year, the figure surged to 1,507.

A comparative analysis spanning two decades, from 2004-05 to 2013-14 and 2014-15 to 2023-24, reveals a staggering 21-fold increase in defence exports. Total exports during 2004-05 to 2013-14 amounted to Rs 4,312 crore, a figure that skyrocketed to Rs 88,319 crore in the subsequent decade.

The remarkable growth trajectory can be attributed to the policy reforms and ‘Ease of Doing Business’ initiatives implemented by the Government. Additionally, the provision of end-to-end digital solutions to Indian industries has played a crucial role in promoting defence exports. This surge underscores the global acceptance of Indian defence products and technologies.

Raksha Mantri Rajnath Singh took to social media to extend his congratulations to all stakeholders for surpassing this significant milestone in defence exports.

This unprecedented growth in defence exports not only strengthens India’s position as a key player in the global defence market but also underscores the growing prowess of its indigenous defence industry.

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