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This growth signifies a remarkable 31-fold increase over the past decade
In a significant milestone for the Indian defence industry, the country's defence exports have exceeded ₹21,000 crore during the fiscal year 2023-24, marking a robust growth of 32.5% over the previous year. This achievement escalates India's influence in the global defence market and enhances its indigenous defence manufacturing capabilities.
According to the Defence Ministry, the defence export figures reached a new high of ₹21,083 crore (approximately US$ 2.63 billion) this year, compared to ₹15,920 crore in the last fiscal year. This growth signifies a remarkable 31-fold increase over the past decade, indicating a steadfast trajectory in expanding India's defence export footprint.
The surge in exports is attributed to the collective efforts of both the private sector and the Defence Public Sector Undertakings (DPSUs), with a 60:40 contribution ratio, respectively. The increase in export authorisations from 1,414 in FY 2022-23 to 1,507 in FY 2023-24 expands the global trust and demand for Indian defence products.
Diverse Defence Production
India's defence production portfolio boasts an array of advanced systems, including the Tejas Light Combat Aircraft (LCA), various helicopters, warships, tanks, artillery guns, missiles, and a wide range of military vehicles and ammunition. This diverse production capability has positioned India as a significant player in the international defence market.
The Defence Ministry has been instrumental in driving forward India's defence manufacturing and export ambitions. Initiatives aimed at achieving self-reliance, such as import bans on certain weapons and systems, increased Foreign Direct Investment (FDI) in defence, and the promotion of local procurement, have significantly contributed to the sector's growth.
The surge in India’s defence exports has strategic implications, bolstering the country's diplomatic and security ties globally. By exporting to over 85 countries, India is diversifying its strategic partnerships and reducing dependence on traditional defence suppliers. This shift is indicative of India's growing confidence in its defence capabilities and its emergence as a reliable supplier of military hardware on the international stage.
Economically, the increase in defence exports has had a positive impact on India's trade balance and has contributed to the growth of the domestic defence industry. The rise in exports is a key driver for job creation and technological advancements within the country. The involvement of over 100 Indian firms in the defence export sector has fostered an ecosystem of innovation and competition, leading to the development of cutting-edge defence technologies and systems.
With a set target of ₹35,000 crore by 2024-25, India's defence export trajectory appears promising. Currently exporting to over 85 countries with more than 100 firms actively involved, India's defence industry has proven its mettle on the global stage, offering sophisticated systems like Brahmos missiles and advanced towed artillery guns.
India's record-breaking defence export figures not only signify its growing prowess in defence manufacturing but also reflect the successful implementation of strategic policies aimed at fostering self-reliance and expanding global engagement in the defence sector.
According to the Defence Ministry, the defence export figures reached a new high of ₹21,083 crore (approximately US$ 2.63 billion) this year, compared to ₹15,920 crore in the last fiscal year. This growth signifies a remarkable 31-fold increase over the past decade, indicating a steadfast trajectory in expanding India's defence export footprint.
The surge in exports is attributed to the collective efforts of both the private sector and the Defence Public Sector Undertakings (DPSUs), with a 60:40 contribution ratio, respectively. The increase in export authorisations from 1,414 in FY 2022-23 to 1,507 in FY 2023-24 expands the global trust and demand for Indian defence products.
Diverse Defence Production
India's defence production portfolio boasts an array of advanced systems, including the Tejas Light Combat Aircraft (LCA), various helicopters, warships, tanks, artillery guns, missiles, and a wide range of military vehicles and ammunition. This diverse production capability has positioned India as a significant player in the international defence market.
The Defence Ministry has been instrumental in driving forward India's defence manufacturing and export ambitions. Initiatives aimed at achieving self-reliance, such as import bans on certain weapons and systems, increased Foreign Direct Investment (FDI) in defence, and the promotion of local procurement, have significantly contributed to the sector's growth.
The surge in India’s defence exports has strategic implications, bolstering the country's diplomatic and security ties globally. By exporting to over 85 countries, India is diversifying its strategic partnerships and reducing dependence on traditional defence suppliers. This shift is indicative of India's growing confidence in its defence capabilities and its emergence as a reliable supplier of military hardware on the international stage.
Economically, the increase in defence exports has had a positive impact on India's trade balance and has contributed to the growth of the domestic defence industry. The rise in exports is a key driver for job creation and technological advancements within the country. The involvement of over 100 Indian firms in the defence export sector has fostered an ecosystem of innovation and competition, leading to the development of cutting-edge defence technologies and systems.
With a set target of ₹35,000 crore by 2024-25, India's defence export trajectory appears promising. Currently exporting to over 85 countries with more than 100 firms actively involved, India's defence industry has proven its mettle on the global stage, offering sophisticated systems like Brahmos missiles and advanced towed artillery guns.
India's record-breaking defence export figures not only signify its growing prowess in defence manufacturing but also reflect the successful implementation of strategic policies aimed at fostering self-reliance and expanding global engagement in the defence sector.
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