In a significant development, Defence Minister Rajnath Singh announced on Monday that India's defence exports have surged to unprecedented levels, surpassing Rs 21,000 crore for the first time in the country's history.
Prime Minister Narendra Modi lauded this achievement as a monumental success in the defence sector, highlighting it as a clear indication of India's burgeoning capabilities.
According to a statement released by the defence ministry, the financial year 2023-24 witnessed a remarkable milestone with defence exports reaching a record Rs 21,083 crore, marking a notable growth of 32.5 per cent compared to the previous fiscal year's figure of Rs 15,920 crore.
Singh took to social media to express his delight, stating, "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!"
He further emphasized that India's defence exports have witnessed a spectacular growth of 32.5 per cent in the financial year 2023-24, reaching the impressive figure of Rs 21,083 crore.
Prime Minister Modi echoed similar sentiments in his post, describing the surge in defence exports as a testament to the nation's advancing capabilities. He praised the relentless efforts and innovative spirit of the Indian populace, which has propelled India onto the global stage in the defence arena.
Singh had previously underscored the government's commitment to 'Aatmanirbharta' (self-reliance) during an interaction with the Indian diaspora in Nigeria in May 2023, highlighting the significant progress made in defence exports towards the objective of "Make in India, Make for the World."
The statement from the defence ministry attributed this remarkable growth to policy reforms, ease of doing business initiatives, and the adoption of end-to-end digital solutions aimed at promoting defence exports. It also underscored the global acceptance of Indian defence products and technologies as a driving force behind this achievement.
Furthermore, the ministry highlighted the substantial contributions from both the private sector and Defence Public Sector Undertakings (DPSUs), with the former accounting for about 60 per cent and the latter 40 per cent of the total defence exports.
The statement also revealed a notable increase in the number of export authorizations issued to defence exporters during the financial year 2023-24, indicating a positive trend in export activities.
In a comparative analysis spanning two decades, from 2004-05 to 2013-14 and 2014-15 to 2023-24, the data showcased a remarkable growth of 21 times in defence exports. Total defence exports surged from Rs 4,312 crore during 2004-05 to 2013-14 to a staggering Rs 88,319 crore during 2014-15 to 2023-24, reflecting a substantial leap in India's defence export capabilities.
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