The Defence exports have touched a record Rs 21,083 crore (approx. US$ 2.63 Billion) in the Financial Year (FY) 2023-24, a growth of 32.5 percent over the last fiscal when the figure was                  Rs 15,920 crore. The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to FY 2013-14, informed a press release by DPR (DEF), New Delhi.

The defence Industry, including the private sector and Defence Public Sector Undertakings (DPSUs), have made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60 percent and 40 percent respectively.

In addition, there has been a rise in the number of export authorisations issued to the defence exporters during FY 2023-24. From 1,414 export authorisations in FY 2022-23, the number jumped to 1,507 in FY 2023-24.

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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.

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, stated the press release.

Through a post on X, Raksha Mantri Rajnath Singh also congratulated all stakeholders on crossing the new milestone in defence exports.