Defence Exports Hit Record High, Cross Rs 21,000 Crore Mark In A First Since Independence: Rajnath Singh

India's defense exports have reached an unprecedented Rs 21,000 crore, a 32.5% increase, the Ministry of Defence informed as Minister Rajnath Singh extended congratulations to all stakeholders.

File Photo of Defence Minister Rajnath Singh ( Image Source :PTI )

Defence Minister Rajnath Singh announced on Monday that India's defence exports have reached unprecedented heights, crossing the Rs 21,000 crore mark for the first time in the history of Independent India. Taking to X, he stated, "Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed the Rs 21,000 crore mark for the first time in the history of Independent India!"

Under Prime Minister Shri @narendramodi’s visionary leadership the Defence ministry has taken several initiatives to spur India’s defence manufacturing and exports.

Our defence industries including the Private Sector & DPSUs have registered a commendable performance in the…

— Rajnath Singh (मोदी का परिवार) (@rajnathsingh) April 1, 2024

According to a statement from the Ministry of Defence, the total defence exports have surged to Rs 21,083 crore in the financial year 2023-24, reflecting a remarkable growth of 32.5% compared to the previous fiscal year. The statement further highlighted that the private sector has contributed 60% towards this growth, with Defence Public Sector Undertakings (DPSUs) contributing the remaining 40%.

Moreover, the number of export authorisations issued to defence exporters saw a notable increase, rising from 1,414 in the financial year 2022-23 to 1,507 in 2023-24, as per the statement.

"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 the defence exports. Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to Rs 88,319 crore in the period from 2014-15 to 2023-24," the statement read.

Policy Reforms and Digital Solutions Key Contributors: Ministry of Defence

The Ministry attributed this significant growth to the policy reforms and 'Ease of Doing Business' initiatives undertaken by the Union government. Additionally, the provision of end-to-end digital solutions to Indian industries for promoting defence exports has played a crucial role in this achievement. "This growth is a reflection of global acceptability of Indian defence products and technologies," the ministry stated.

Through his post on X, Defence Minister Rajnath Singh extended congratulations to all stakeholders for surpassing this new milestone in defence exports.