Team Blitz India
NEW DELHI: India’s defence exports grew 32.5% this fiscal and crossed the ₹21,000-crore mark for the first time as the country remains focussed on boosting the indigenous defence manufacturing ecosystem as well as military exports, according to the defence ministry.
“Defence exports have touched a record ₹21,083 crore (approx. US$ 2.63 billion) in the Financial Year (FY) 2023-24, a growth of 32.5% over the last fiscal when the figure was ₹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 ministry said in a statement.
Writing on X, Defence Minister Rajnath Singh said, “Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed ₹21,000 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.”
The private sector and the defence public sector undertakings (DPSUs) contributed around 60% and 40%, respectively, the ministry said, adding that the number of export authorisations rose from 1,414 in FY 2022-23 to 1,507 in FY 2023-24.
