Indian Economy News

India's FY24 defence exports jump record 32.5%, touch Rs. 21,083 crore (US$ 2.63 billion)

  • IBEF
  • April 2, 2024

The financial year 2023-24 saw a remarkable achievement in India's defence and aerospace sector, with exports reaching a historic high of Rs. 21,083 crore (US$ 2.63 billion), marking a significant increase of 32.5% from the previous year's figure of Rs. 15,920 crore (US$ 1.91 billion). This surge underscores a remarkable growth trajectory, with defence exports soaring by 31 times over the past decade. Such robust expansion reflects the concerted efforts of both the private sector and Defence Public Sector Undertakings (DPSUs), contributing approximately 60% and 40%, respectively, to this milestone.

There has been a notable rise in the issuance of export authorisations to defence exporters during FY24. The Ministry of Defence reported a substantial increase from 1,414 export authorisations in FY23 to 1,507 export authorisations in FY24. A comparative analysis spanning two decades, from 2004-05 to 2013-14 and 2014-15 to 2023-24, reveals a remarkable growth trend. During the former period, total defence exports amounted to Rs. 4,312 crore (US$ 517 million), while the latter period witnessed a staggering surge to Rs. 88,319 crore (US$ 10.59 billion). This trajectory highlights the efficacy of policy reforms, 'Ease of Doing Business' initiatives, and comprehensive digital solutions implemented by the Government to foster defence exports. Defence Minister Mr. Rajnath Singh, in a social media post, extended congratulations to all stakeholders for this significant achievement, emphasizing the global recognition and acceptance of Indian defence products and technologies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.