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Business News/ Industry / India's defence exports at all-time high! Rajnath Singh says industry ‘grew by 32.5% in FY24’
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India's defence exports at all-time high! Rajnath Singh says industry ‘grew by 32.5% in FY24’

Praising the growth of private sector and DPSUs in past years, Defence Minister Rajnath Singh said India's defence exports reached an all time high mark of Rs.21,083 crore in FY24. India exports its defence products to over 85 countries.

India's defence export has increased by 32.5% over the previous fiscal year in FY 24, said Defence Minister Rajnath Singh on Monday. India exports its defence products to over 85 countries, with more than 100 firms actively exporting locally manufactured products. (File photo) (HT)Premium
India's defence export has increased by 32.5% over the previous fiscal year in FY 24, said Defence Minister Rajnath Singh on Monday. India exports its defence products to over 85 countries, with more than 100 firms actively exporting locally manufactured products. (File photo) (HT)

India's defence exports reached an all time high level of 21,083 crore in financial year 2023-24 with a  32.5% growth in FY24 compared to previous financial year, said Defence Minister Rajnath Singh on Monday.

Underlining the strong growth of private sector and Defence Public Sector Undertakings (DPSUs) over the years, Defence Minister Rajnath Singh said “defence ministry has taken several initiatives to spur India’s defence manufacturing and exports."

“Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed 21000 crore mark for the first time in the history of Independent India," wrote Rajnath Singh in a post on X.

Also Read: Lok Sabha 2024: Defense Minister Rajnath Singh to lead BJP's Election Manifesto Committee. Check details here

“Under Prime Minister Shri Narendra Modi’s visionary leadership the Defence Ministry has taken several initiatives to spur India’s defence manufacturing and exports," he added.

A month ago, Defence Minister Rajnath Singh applauded India's defence manufacturing capability which he said is a reflection of ‘Atmanirbhar Bharat’.

"Our total defence manufacture stands at a monumental one lakh crore. Try figuring it out by scribbling the number, in digits, on a piece of paper. This shows India is becoming self-reliant (atma nirbhar) and leaders across the world acknowledge that 21st century shall belong to India", said the Defence minister earlier.

India's journey from defence importer to exporter

India achieved significant success in expanding its defence manufacturing capabilities, which led to a boost in exports last year. The Ministry of Defence attained a historic success the previous year by witnessing a surge in defence exports. The rise in exports was led by an increase in global interest in Indian defence products like LCA-Tejas, light combat helicopters, aircraft carriers, and more.

According to a Mint report, India is exporting its locally manufactured defence products to over 85 countries, showcasing the prowess of its defence industry. Over 100 firms are actively exporting defence products. Multile sophisticated defence systems including 155 mm Advanced Towed Artillery Guns, Brahmos Missiles, etc, have been exported to other countries.

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Published: 01 Apr 2024, 02:24 PM IST
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