India displays strength under Modi effect; country's defence exports cross Rs 21,000 mark in 2023-24

NEW DELHI: The Defence Ministry on Monday said that India's defence exports have shown a growth of 32.5 percent and reached to the level of Rs 21.083 crore in the fiscal year 2023-24. This is the first time in history that the country's defence exports have crossed the Rs 21,000 crore mark. The ministry said that the country was able to attain the feat due to its increased focus on indigenous defence production and export of military equipment.

The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to 2013-14.

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. Our… https://t.co/yv60yNqPza

— Narendra Modi (@narendramodi) April 1, 2024

'Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed the Rs 21000 crore mark for the first time in the history of Independent India! India’s defence exports have reached to the level of Rs.21,083 Crore in the financial year 2023-24 which is a spectacular growth of 32.5% over the previous fiscal,' Defence Minister Rajnath Singh wrote on Twitter.

The defence industry, including the private sector and defence public sector undertakings (DPSUs), has made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60 per cent and 40 per cent, respectively. In addition, there has been a rise in the number of export authorisations issued to the defence exporters during 2023-24. From 1,414 export authorisations in 2022-23, the number jumped to 1,507 in 2023-24, the ministry said.

At present, India is exporting military equipment to 85 countries. About a hundred organizations are working on this. India exports missiles, artillery guns, rockets, armoured vehicles, patrol vehicles, personal security equipment, radars, surveillance systems and ammunition to these countries.

Under Prime Minister Narendra Modi's visionary leadership, the Defence Ministry has taken several initiatives to spur India's defence manufacturing and exports. Our defence industries including the Private Sector & DPSUs have registered a commendable performance in recent years. Congratulations to all stakeholders on crossing the new milestone in defence exports," Rajnath Singh added.