India's defence exports have achieved a remarkable milestone, reaching a record ₹21,083 crore (approximately $2.63 billion) in the financial year 2023-24. This represents a significant growth of 32.5% compared to the previous fiscal year's exports of ₹15,920 crore. Over the past decade, India's defence exports have grown an astonishing 31-fold, highlighting the country's increasing prominence in the global defence market.

The growth in defence exports can be attributed to collaborative efforts between the private sector and Defence Public Sector Undertakings (DPSUs). The private sector accounted for approximately 60% of total exports, while DPSUs contributed the remaining 40%.

There has been a notable increase in export authorisations, rising from 1,414 in FY 2022-23 to 1,507 in FY 2023-24. This increase reflects growing confidence in Indian defence products and technologies.

Strategic policy reforms aimed at enhancing the ease of doing business and promoting indigenous manufacturing have played a crucial role. Initiatives such as Open General Export Licenses (OGEL) and an online EXIM portal have streamlined export procedures, facilitating faster approvals and connecting manufacturers with global markets.

The Indian government has set an ambitious target to achieve ₹50,000 crore in defence exports by 2029. To support this growth trajectory, there is a strong emphasis on expanding the range of exported products and fostering international collaborations. The Ministry of Defence remains committed to enhancing domestic production capabilities and reducing dependency on imports.

The record-breaking defence exports for FY 2023-24 not only signify an economic achievement but also underscore India's evolving role as a key player in the global defence sector. With continued policy support and innovation, India is poised to further strengthen its position in this critical industry.

Agencies