India's Defense Exports Soar to Record High of Rs 21,083 Crore

Significant Growth Marks Eight Years of Policy Initiatives and Industry Collaboration

India's Defense Exports Soar to Record High of Rs 21,083 Crore

India's defense exports have reached a historic milestone, surpassing all previous records. According to the Ministry of Defence, the financial year 2023-24 saw exports reach a staggering Rs 21,083 crore, reflecting a remarkable 32.5% increase compared to the previous year. This achievement highlights the success of government policy initiatives and the growing capabilities of the Indian defense industry.

Defense Minister Rajnath Singh applauded the accomplishment, crediting both the private sector and public sector undertakings (DPSUs) for their "commendable performance." He further emphasized the role of the Ministry of Defense's ongoing efforts to promote domestic defense manufacturing and exports.

This record-breaking figure comes after a period of consistent growth. Since 2016-17, India's defense exports have witnessed a surge of over 10 times. The financial year 2022-23 had already set a new high at Rs 16,000 crore, marking a significant jump from preceding years.

India's defense industry has emerged as a global player, currently supplying defense equipment to over 85 countries. With 100 companies actively exporting their products, the nation has demonstrably established its design and development prowess on the world stage.

Attributing this achievement to the "visionary leadership" of Prime Minister Narendra Modi, Minister Singh highlighted the effectiveness of defense sector reforms implemented over the past five years. He took to social media to express his pride, stating that "for the first time in the history of independent India, the figure of Rs 21000 crore has been crossed."

The news release concludes with a table showcasing India's defense exports over the past eight years, providing a clear picture of the consistent upward trajectory.