For the first time in the fiscal year 2023–2024, India’s defense exports surpassed ₹21,000 crore, marking a noteworthy milestone. When compared to the previous fiscal year, when exports were ₹15,920 crore, the total reached ₹21,083 crore, a phenomenal 32.5% increase, according to Defense Minister Rajnath Singh. Given that exports were just about ₹600 crore ten years ago, this accomplishment represents a 31-fold gain over the previous ten years.
From about ₹600 crore ten years ago to ₹21,083 crore in FY 2023–2024, defense exports have increased.
By 2029–2030, the government wants to increase defense exports to ₹50,000 crore, with a focus on domestic technological development and self-reliance.
About 60% of the exports came from the private sector, with the remaining 40% coming from Defense Public Sector Undertakings (DPSUs).
Currently, India exports a wide variety of military equipment, such as artillery, missiles, and different types of military vehicles, to about 85 countries.
Rajnath Singh credited the government’s efforts to facilitate trade and support domestic production in the defense industry for this expansion. He encouraged young Indians to concentrate on creating cutting-edge technology at home in order to improve India’s standing in international defense markets.
