Bharat Progress Report 2024: India’s Defence Exports Reach Record Rs 21,083 Cr in FY24, Growing 32.5%

India’s defence and aerospace exports have achieved a remarkable milestone, reaching a record Rs 21,083 crore (approximately $2.63 billion) in the financial year 2023-24, marking a 32.5% increase from the previous year’s figure of Rs 15,920 crore. This surge represents a staggering 31-fold growth in defence exports over the last decade, highlighting India’s growing presence in the global defence market.

Sharing in the social media, the defense ministry says in its Year End Review 2024, “Defence exports touched a record Rs 21,083 crore (approx. US$ 2.63 Billion) in the FY2023-24, a growth of 32.5% over the previous fiscal when the figure was Rs 15,920 crore. The figures indicated that the exports grew by 31 times in the last 10 years as compared to FY 2013-14. The defence industry, including the private sector and DPSUs, has made tremendous efforts in achieving the highest-ever exports. The private sector and DPSUs contributed about 60% and 40% respectively. Raksha Mantri has exuded confidence that the target to export defence equipment worth Rs 50,000 crore by 2029 will be met.”

According to the Ministry of Defence (MoD), the success can be attributed to significant contributions from both private sector companies and Defence Public Sector Undertakings (DPSUs), with the private sector accounting for 60% of the exports and DPSUs for the remaining 40%.

The MoD also reported a substantial increase in the number of export authorisations, which rose from 1,414 in FY23 to 1,507 in FY24. Comparing two decades—2004-05 to 2013-14 and 2014-15 to 2023-24—it is evident that defence exports have grown by 21 times, from Rs 4,312 crore in the earlier period to Rs 88,319 crore in the latter.

Defence Minister Rajnath Singh celebrated this achievement on social media, crediting the success to policy reforms and initiatives like “Ease of Doing Business,” as well as the implementation of end-to-end digital solutions that have made it easier for Indian industries to engage in global defence trade. This growth underscores the increasing acceptance of Indian defence products and technologies worldwide.