India's defence exports have achieved a significant milestone, surpassing ₹21,000 crore for the first time in the financial year 2023-24. Defence Minister Rajnath Singh announced that the total reached ₹21,083 crore, marking a remarkable growth of 32.5% compared to the previous fiscal year when exports were ₹15,920 crore. This achievement reflects a 31-fold increase over the past decade, as exports were only around ₹600 crore ten years ago.

Key Highlights:

Defence exports have grown from approximately ₹600 crore a decade ago to ₹21,083 crore in FY 2023-24.

The government aims to boost defence exports to ₹50,000 crore by 2029-30, emphasizing self-reliance and indigenous technology development.

The private sector accounted for about 60% of the exports, while Defence Public Sector Undertakings (DPSUs) contributed around 40%.

India is currently exporting military hardware to approximately 85 countries, with a diverse range of products including missiles, artillery, and various military vehicles.

Rajnath Singh attributed this growth to the government's initiatives aimed at enhancing the ease of doing business and promoting indigenous manufacturing in the defence sector. He urged Indian youth to focus on developing high-end technologies domestically to further strengthen India's position in global defence markets.

PTI