Defence Exports Soar to Record High, Touching Rs 21,083 Crore in FY 2023-24

New Delhi: In a significant milestone for India’s defence sector, exports in the field have reached an all-time high, amounting to Rs 21,083 crore (approximately US$ 2.63 Billion) in the Financial Year (FY) 2023-24. This achievement marks a remarkable growth of 32.5% compared to the previous fiscal year when the figure stood at Rs 15,920 crore. The surge in defence exports over the last decade has been staggering, witnessing a growth of 31 times since FY 2013-14.

The commendable rise in defence exports can be attributed to the concerted efforts of both the private sector and Defence Public Sector Undertakings (DPSUs). According to recent data, the private sector and DPSUs have contributed approximately 60% and 40%, respectively, to this record-breaking export figure.

Moreover, there has been a noticeable increase in the number of export authorisations issued to defence exporters during FY 2023-24. The issuance of export authorisations rose from 1,414 in FY 2022-23 to 1,507 in the following fiscal year, indicating a growing interest and capacity for defence exports.

A comparative analysis spanning two decades from 2004-05 to 2013-14 and 2014-15 to 2023-24 unveils an exponential growth trajectory in defence exports. During the period from 2004-05 to 2013-14, defence exports amounted to Rs 4,312 crore. This figure skyrocketed to Rs 88,319 crore in the subsequent decade from 2014-15 to 2023-24, showcasing a remarkable growth of 21 times.