With the Indian Defence Exports Reaching New Highs, Defence Minister Confirms 32.5% Growth in FY24

by IS_Indust
Indian Defence

India’s defense exports soared to an unprecedented level of ₹21,083 crore in the financial year 2023-24, marking a remarkable 32.5% growth compared to the previous fiscal year, announced Defence Minister Rajnath Singh on Monday.

Emphasizing the robust growth of both the private sector and Defence Public Sector Undertakings (DPSUs) over time, Defence Minister Rajnath Singh highlighted the initiatives undertaken by the defense ministry to stimulate India’s defense manufacturing and exports.

In a post on X, Rajnath Singh expressed delight at the milestone, stating, “Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed ₹21000 crore mark for the first time in the history of Independent India.” He attributed this achievement to the visionary leadership of Prime Minister Shri Narendra Modi and the proactive initiatives of the Defence Ministry to foster India’s defense manufacturing and exports.

A month earlier, Defence Minister Rajnath Singh lauded India’s defense manufacturing capability as a testament to ‘Atmanirbhar Bharat’ (self-reliant India), noting that total defense manufacturing had reached a monumental one lakh crore. He underscored that India’s increasing self-reliance was acknowledged globally, predicting that the 21st century would belong to India.

India has made significant strides in expanding its defense manufacturing capabilities, resulting in a surge in exports last year. The Ministry of Defence witnessed historic success by experiencing a notable upsurge in defense exports, fueled by heightened global interest in Indian defense products such as LCA-Tejas, light combat helicopters, and aircraft carriers.

According to a report by Mint, India is exporting its locally manufactured defense products to over 85 countries, showcasing the prowess of its defense industry. More than 100 firms are actively engaged in exporting defense products, including sophisticated defense systems like 155 mm Advanced Towed Artillery Guns and Brahmos Missiles to various nations.

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