Date: 02/04/2024

Defence exports skyrocket

Defence exports have touched a record Rs 21,083 crore (approx. US$ 2.63 billion) in FY 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore. The recent figures indicate that defence exports have grown by 31 times in the last 10 years as compared to FY 2013-14.
 The defence industry, including the private sector and Defence Public Sector Undertakings (DPSUs), have made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60% and 40%, respectively.
There has been a rise in the number of export authorisations issued to defence exporters during FY 2023-24. From 1,414 export authorisations in FY 2022-23, the number jumped to 1,507 in FY 2023-24.
 A comparative data of two decades i.e. the period from 2004-05 to 2013-14 and 2014-15 to 2023-24 reveals that there has been a growth of 21 times in defence exports. Total exports during 2004-05 to 2013-14 were Rs 4,312 crore, which went up to Rs 88,319 crore in the period 2014-15 to 2023-24.
The remarkable growth has been achieved due to the policy reforms and ‘Ease of Doing Business’ initiatives brought in by the government, in addition to the end-to-end digital solution provided to Indian industries for promoting defence exports. This growth is a reflection of the global acceptability of Indian defence products and technologies, highlighted a release.
Source: Exim News Service: New Delhi, April 1