Year Ender 2024: India’s defence exports soar to record high of Rs 21,083 Cr

New Delhi: India’s defence exports have soared to a record high of Rs 21,083 crore (approximately USD 2.63 billion) in the fiscal year 2023-24, reflecting a 32.5% increase from the previous year’s figure of Rs 15,920 crore. This remarkable growth represents a 31-fold increase over the past decade, compared to FY 2013-14.

With a remarkable 32.5% growth in defence exports, it’s looking optimistic for India to achieve the ₹50,000 crore goal by 2029. Defence Minister Rajnath Singh has expressed strong confidence that this ambitious target will be met.

This milestone not only highlights India’s expanding capabilities but also its growing influence in the global defence market.

Defence Minister was addressing officers at the Army War College (AWC) in more than two-centuries-old Mhow Cantonment. Singh emphasized the importance of mastering frontier technologies to address the evolving nature of warfare, highlighting the challenges posed by unconventional methods such as AI-based warfare, cyber-attacks, and space warfare.

As reported by The Economic Times- “The defence industry, including the private sector and DPSUs (Defence Public Sector Undertakings), have made tremendous efforts in achieving the highest-ever exports. The private sector and DPSUs contributed about 60 per cent and 40 per cent respectively,” the Defence Ministry said in its year-end review 2024.

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