India’s defence exports reach Rs. 21,083 Crore in 2023-24

NEW DELHI : In the fiscal year 2023-24, India achieved a significant milestone in its defence sector. The country’s defence exports reached a record-high value of Rs 21,083 crore (around USD 2.63 billion), marking a 32.5% growth over the previous year. This growth is part of a broader trend in India’s defence sector, reflecting both enhanced domestic production and export capabilities. In parallel, India’s indigenous defence production also set a record, with a value of Rs 1,26,887 crore, representing a 16.7% increase compared to the previous fiscal year. The combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs) have been crucial in this success, contributing to a strengthened and self-reliant defence ecosystem.

Key Highlights Includes

• Defence Exports: Reached Rs 21,083 crore, a 32.5% growth from Rs 15,920 crore in FY 2022-23.
• Defence Export Growth Over 10 Years: Increased by 31 times since FY 2013-14.
• Contribution by Sectors: Private sector contributed 60% and DPSUs contributed 40% to defence exports.
• Defence Minister’s Target: Rajnath Singh set a target of Rs 50,000 crore in defence exports by 2029.
• Indigenous Defence Production: A record Rs 1,26,887 crore in production value, up 16.7% from the previous year.
• Positive Indigenisation Lists (PIL): Government issued five new PILs to boost domestic production and minimize reliance on imports.
• The efforts to enhance Aatmanirbharta (self-reliance) in defence include steps like the creation of the Positive Indigenisation Lists, which focus on increasing the production of complex systems, sensors, and weapons.
• These efforts are aligned with the government’s vision to reduce dependence on defence imports and to make India a hub for defence exports.

Key Figures

• Defence Exports: Rs 21,083 crore (USD 2.63 billion)
• Growth in Defence Exports: 32.5% increase from Rs 15,920 crore
• Defence Production Value: Rs 1,26,887 crore
• Growth in Defence Production: 16.7% increase from Rs 1,08,684 crore

Growth Policies

• PIL Initiatives: 5 new Positive Indigenisation Lists for DPSUs, consisting of 346 items.
• Self-Reliance Goals: Target of Rs 50,000 crore in defence exports by 2029.

Private sector and DPSU’s Contributions

• Private Sector: Contributed 60% to defence exports.
• DPSUs: Contributed 40% to defence exports.