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Defence exports touch record ₹21,083 crore in FY 2023-24, an increase of 32.5 per cent over last fiscal; Private sector contributes 60 per cent, DPSUs - 40 per cent

Number of export authorisations rise to 1,507 in FY 2023-24 from 1,414 in FY 2022-23

April 2, 2024 Photo(s): By X / SpokespersonMoD

Defence exports have touched a record ₹21,083 crore (approximately US$ 2.63 Billion) in the Financial Year (FY) 2023-24, a growth of 32.5 per cent over the last fiscal when the figure was ₹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.

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 per cent and 40 per cent 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.

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 ₹4,312 crore, which has gone up to ₹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.

Through a post on X, Defence Minister Rajnath Singh congratulated all stakeholders on crossing the new milestone in defence exports.

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