India's defence sector has achieved a remarkable milestone, with Defence Minister Rajnath Singh recently announcing record-breaking defence exports of ₹21,083 crore (approximately $2.76 billion) for the fiscal year 2023-24.

This achievement marks a significant leap forward in India's journey toward self-reliance and global defence market competitiveness, underscoring the success of the country's ambitious 'Atmanirbhar Bharat' (Self-Reliant India) initiative.

Over the past decade, India has consistently worked to enhance its defence manufacturing capabilities and reduce dependency on foreign arms imports. The results are now evident, with defence exports growing nearly 15 times in eight years, from ₹1,521 crore in FY 2016-17 to the current record-breaking figure. This progress is a testament to the government's policy reforms, active participation from the private sector, and the efficiency of state-run defence public sector undertakings (DPSUs).

The latest figures place India among the fastest-growing defence exporters globally, with key defence products being shipped to more than 100 countries. This remarkable growth reflects the increasing demand for Indian-manufactured defence equipment, including missiles, naval systems, avionics, and advanced weaponry. The defence export portfolio now includes a diverse range of advanced equipment such as bulletproof jackets and helmets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.

Several factors have contributed to India's record-breaking defence export figures. The Indian government has undertaken numerous policy reforms to create an ecosystem that encourages domestic production and exports. These include simplification of export procedures, faster clearances, and streamlined approval mechanisms, making it easier for Indian firms to sell military equipment abroad. 

The government has also incentivised domestic production of critical defence components and equipment, boosting manufacturing capabilities. Furthermore, the Foreign Direct Investment (FDI) limit in defence has been increased to 74% via the automatic route, attracting global investments.

The role of India's private sector in defence manufacturing has expanded significantly. Companies like Tata Advanced Systems, Bharat Forge, L&T Defence, and Mahindra Defence have played a crucial role in strengthening India's export capabilities. Collaboration with foreign firms has further enhanced expertise and technological advancements. In fact, the private sector has contributed about 60% of the total defence exports, with the remaining 40% coming from Defence Public Sector Undertakings (DPSUs).

India's focus on indigenous production has led to the development of cutting-edge military technology. The country has successfully exported BrahMos missiles to the Philippines, with other nations showing interest. Advanced light helicopters (ALH) Dhruv, manufactured by Hindustan Aeronautics Limited (HAL), are in demand in various countries. Meanwhile, India's shipbuilding industry, led by Mazagon Dock Shipbuilders and GRSE, has exported warships and patrol vessels to nations like the Maldives, Mauritius, and Sri Lanka.

India has also strengthened its defence partnerships with various countries, particularly in Southeast Asia, the Middle East, and Africa. Nations like Vietnam, Indonesia, the Philippines, and the United Arab Emirates (UAE) have shown interest in acquiring Indian-made defence equipment. The Indian government's Defence Line of Credit (LoC) programme has facilitated arms exports to friendly nations. The USA, France, and Armenia have emerged as the top three destinations for defence exports in 2023-24.

India's emergence as a reliable defence exporter is gaining global recognition. The country is no longer just an importer of advanced weaponry but a manufacturer with the capability to supply critical defence equipment to foreign militaries. India's participation in international defence expos, such as DefExpo and Aero India, has further boosted its global outreach, allowing Indian defence firms to showcase their products on a global stage.

The government's commitment to fostering self-reliance in defence production through collaboration with academia has been a key factor in this success. Defence Minister Rajnath Singh has expressed confidence that India will achieve over ₹50,000 crore in defence exports by the fiscal year 2029-30. This optimism is backed by the increasing reliance on technology in modern warfare, ranging from drones to hypersonic missiles, necessitating a focus on developing indigenous capabilities.

India's record-breaking defence exports in FY 2023-24 mark a defining moment in the nation's defence manufacturing journey. The impressive $2.63 billion milestone reflects India's transformation into a global defence exporter. With continued policy support, technological advancements, and strategic partnerships, India is well on track to achieve its ambitious target of $5 billion in annual defence exports by 2028-29.

As the nation marches ahead in its quest for self-reliance, this achievement strengthens India's position as a formidable player in the global defence industry. The growth in defence exports is not just a number—it's a reflection of the global acceptability of Indian defence products and technologies. It ensures a future where 'Make in India' resonates beyond borders, cementing India's position as a global manufacturing hub driven by innovative policies and robust export growth.

Int'l Media