Rapid Fire
Defence Exports Touch Record High
- 02 Apr 2024
- 1 min read
Defence exports reached a historic high of Rs 21,083 crore (approximately USD 2.63 billion) in FY 2023-24, marking a 32.5% increase from the previous fiscal year, with recent data showing a 31-fold growth over the past decade compared to FY 2013-14.
- Key Statistics:
- Comparing two decades, from 2004-05 to 2013-14 and from 2014-15 to 2023-24, shows a 21-fold increase in defense exports.
- The private sector contributed approximately 60%, while Defence Public Sector Undertakings (DPSUs) contributed around 40%.
- The number of export authorisations issued to defense exporters also increased in FY 2023-24 compared to FY 2022-23.
- Key Drivers:
- The significant growth in the Indian defence sector is attributed to policy reforms, Ease of Doing Business initiatives, and comprehensive digital solutions, reflecting global acceptance of Indian defence products and technologies.
Read more: India’s Defence Exports
