India has achieved a remarkable transformation in its defence sector, evolving from being the world’s second-largest arms importer between 2015 and 2019 to becoming one of the top 25 arms exporters globally. Union Finance Minister Nirmala Sitharaman shared these achievements while addressing the fourth convocation ceremony of the Rashtriya Raksha University in Gandhinagar, Gujarat, on Monday.
India’s Defence Export Milestones
In a significant shift, India now exports advanced defence products, including BrahMos missiles, Pinaka rocket systems, and Dornier aircraft, thanks to over 100 companies involved in defence manufacturing.
The finance minister revealed that India’s defence exports reached an all-time high of ₹21,083 crore in 2023-24, a monumental leap from ₹686 crore in 2013-14. This 30-fold increase highlights India’s progress in indigenous defence production.
“India has achieved the highest-ever growth in indigenous defence production. Today, we’ve reached a record high of ₹1.27 lakh crore in 2023-24, marking a 2.7-fold increase compared to 2014-15,” Sitharaman stated.
Policy Support Driving India’s Growth
The minister credited this growth to robust policy initiatives and investments under the leadership of Prime Minister Narendra Modi.
“In the last few years, the emphasis given to defence production in this country is a matter of pride. Not just investments, but policy support has made India today a net exporter of defence components. Earlier, we were one of the biggest importers, and today you have exports happening from India,” she said.
Focus on India’s Coastal Security and Maritime Trade
Sitharaman also highlighted the importance of coastal security and maritime trade in safeguarding national interests. She commended the Rashtriya Raksha University for its role in training India’s coastal security forces.
The cargo-handling capacity of Indian ports has nearly doubled, increasing from 824 million metric tonnes per annum (MTPA) in 2014 to 1,630 MTPA by March 2024. Additionally, the turnaround time at major ports has improved significantly, dropping from 94 hours in 2013-14 to just 48 hours.
“The reason why I am quoting so much on ports and maritime security is because of the recent attacks in the commercial shipping arena in the Red Sea area between October 2023 and March 2024, which have been a threat to commercial shipping movement,” she explained.
India’s Role as a First Responder
Sitharaman lauded the Indian Navy and Coast Guard for their swift and effective responses to maritime threats, including piracy.
“Many of us were happy and proud to know that the Indian Navy and Coast Guard rescued ships held by pirates or abandoned due to such piracy, along with the people on board. These were all rescued by our first responders—that is, the Coast Guard and Navy,” she said.
India’s capability to deliver timely and efficient responses has earned it global recognition as a dependable first responder in maritime crises, outperforming many larger nations in this regard.
