India's defence exports reached a record high of ₹21,083 crore (approximately $2.63 billion) in the financial year 2023-24. This marks a significant growth of 32.5% over the previous fiscal year's figure of ₹15,920 crore. The growth in defence exports over the past ten years has been remarkable, with a 30-fold increase from ₹686 crore in the financial year 2013-14 to ₹21,083 crore in FY 2023-24.

Contribution And Factors

The private sector and the Defence Public Sector Undertakings (DPSUs) have played a crucial role in India's defence exports. The private sector contributed approximately 60% of the exports, while the DPSUs contributed around 40%. Several factors have contributed to the growth of India's defence exports. These include policy reforms, initiatives to improve the ease of doing business, and the adoption of end-to-end digital solutions to promote defence exports.

Comparison And Growth

Comparing the period from 2004-05 to 2013-14 with the period from 2014-15 to 2023-24, there has been a growth of 21 times in India's defence exports. The total defence exports during 2004-05 to 2013-14 were ₹4,312 crore, which increased to ₹88,319 crore in the period from 2014-15 to 2023-24. This growth can be attributed to India's progress in the global defence manufacturing industry and the increasing acceptance of Indian defence products and technologies worldwide.

India's defence exports have experienced significant growth in recent years, reaching a record high of ₹21,083 crore in the financial year 2023-24. The collaboration between the private sector and DPSUs, along with policy reforms and initiatives to improve the ease of doing business, has been instrumental in achieving this milestone. The growth in defence exports over the past ten years reflects the global acceptability of Indian defence products and technologies.

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