Defense export worth Rs 21000 crore in 1 year, wonder of Make in India

Recent figures show that defense exports have increased 31 times in the last 10 years compared to financial year 2013-14, the ministry said in a statement. According to the ministry, 'Defence exports have touched a record ₹21,083 crore (about US$2.63 billion) in 2023-24, an increase of 32.5% compared to ₹15,920 crore in the previous financial year 2022-23.'

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The private sector and defense public sector undertakings (DPSUs) contributed 60% and 40% respectively in this financial year. Defense Minister Rajnath Singh wrote on 'X', 'Happy to inform everyone that Indian defense exports have reached unprecedented heights and have crossed the Rs 21,000 crore mark for the first time in the history of independent India. . India's defense exports have reached the level of Rs 21,083 crore in the financial year 2023-24, which is an impressive increase of 32.5% compared to the previous financial year.

India has set a defense export target of Rs 35,000 crore by 2024-25. The country is currently exporting military hardware to around 85 countries, with around 100 companies involved in exports. This includes missiles, artillery, rockets, armored vehicles, offshore patrol vessels, personal protective gear, various types of radars, surveillance systems and ammunition.

The statement said that comparative data for the period 2004-05 to 2013-14 and 2014-15 to 2023-24 shows that defense exports increased by 21 times. Defense exports were ₹4,312 crore in 2004-05 to 2013-14, which has increased to ₹88,319 crore in the period 2014-15 to 2023-24.

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Tags: India Defence, Ministry of defence