HISTORIC! In a first, defence exports surpass Rs 21,000 cr with record 32.5% growth!

NewsBharati    01-Apr-2024 15:08:23 PM
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New Delhi, April 1: In a historic development, India's defence exports reached an all-time high level of ₹21,083 crore in financial year 2023-24 with a 32.5% growth in FY24 compared to the previous financial year. This came after Defence Minister Rajnath Singh hailed this record-breaking achievement.
India defence exports

Taking to a X, Rajnath Singh announced, "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."

Underlining the strong growth of private sector and Defence Public Sector Undertakings (DPSUs) over the years, Defence Minister Rajnath Singh said “defence ministry has taken several initiatives to spur India’s defence manufacturing and exports."

"Under Prime Minister Shri Narendra Modi’s visionary leadership the Defence Ministry has taken several initiatives to spur India’s defence manufacturing and exports," he added.

Recently when Defence Minister Rajnath Singh visited in Bihar, he applauded India's defence manufacturing capability which he said is a reflection of ‘Atmanirbhar Bharat’. "Our total defence manufacture stands at a monumental one lakh crore. Try figuring it out by scribbling the number, in digits, on a piece of paper. This shows India is becoming self-reliant (atma nirbhar) and leaders across the world acknowledge that 21st century shall belong to India", said the Defence minister earlier.

Notably, India’s defence exports have witnessed a sharp rise in recent years, with a 23-fold jump between 2013-14 and 2022-23 – from Rs 686 crore to Rs 15,918 crore, according the defence ministry data. During this period, India has also reduced spending on imported weapons and systems, from 46 per cent in 2018-19 to 36.7 per cent in December 2022.