India's Defence Exports Surge to Record £21,000 Crore, Rajnath Singh Announces

New Delhi, Apr 1 - In a significant announcement, Defence Minister Rajnath Singh declared that India's defence exports have reached a new high, surpassing Rs 21,000 crore for the first time since the nation achieved independence. This achievement was echoed by Prime Minister Narendra Modi, who described it as a monumental milestone in the defence sector, showcasing India's expanding capabilities. The Defence Ministry revealed that the exports for the financial year 2023-24 amounted to approximately Rs 21,083 crore (USD 2.63 billion), marking a 32.5 per cent increase from the previous fiscal year's total of Rs 15,920 crore.

These recent figures underscore a remarkable growth in defence exports, which have expanded 31-fold over the past decade compared to FY 2013-14. "Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed Rs 21,000-crore mark for the first time in the history of independent India!" Singh expressed in a social media post. He further highlighted that this year's exports represent a significant growth of 32.5 per cent over the last fiscal period.

Prime Minister Modi lauded this achievement on social media, stating, "A monumental achievement in India's defence sector. The soaring exports in the sector are a manifestation of our nation's growing capabilities. Proud of the hard work and innovation of our people, which has propelled India onto the global stage in the world of defence." He assured that India's journey towards self-reliance in defence will proceed with even more determination.

During an interaction with members of the Indian diaspora in Nigeria in May 2023, Singh emphasized the government's commitment to self-reliance (Aatmanirbharta) and significant strides made in boosting defence exports as part of the 'Make in India, Make for the World' initiative. The ministry attributed this growth to policy reforms, ease of doing business initiatives, and digital solutions aimed at promoting defence exports. This growth reflects the global acceptance of Indian defence products and technologies.

The statement from the ministry also noted that both private sector companies and Defence Public Sector Undertakings (DPSUs) have played crucial roles in achieving this record-breaking performance in defence exports. The contribution ratio stands at approximately 60 per cent from private entities and 40 per cent from DPSUs.

Additionally, there was an increase in export authorisations issued to defence exporters during FY 2023-24. The number rose from 1,414 in FY 2022-23 to 1,507 in FY 2023-24. A comparative analysis over two decades shows a substantial growth in defence exports by 21 times from Rs 4,312 crore during 2004-05 to 2013-14 to Rs 88,319 crore from 2014-15 to 2023-24.