India’s defence exports crossed all-time high of ₹21,000 crore : Rajnath Singh
NEW DELHI : 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 previous financial year, said Defence Minister Shri Rajnath Singh on Monday.
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.”
“Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed ₹21000 crore mark for the first time in the history of Independent India,” wrote Rajnath Singh in a post on X.
“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.
A month ago, Defence Minister Rajnath Singh 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.
India’s journey from defence importer to exporter
India achieved significant success in expanding its defence manufacturing capabilities, which led to a boost in exports last year. The Ministry of Defence attained a historic success the previous year by witnessing a surge in defence exports. The rise in exports was led by an increase in global interest in Indian defence products like LCA-Tejas, light combat helicopters, aircraft carriers, and more.
According to a report, India is exporting its locally manufactured defence products to over 85 countries, showcasing the prowess of its defence industry. Over 100 firms are actively exporting defence products. Multile sophisticated defence systems including 155 mm Advanced Towed Artillery Guns, Brahmos Missiles, etc, have been exported to other countries.