SOURCE: AFI
India’s defence sector has reached a significant milestone, recording its highest-ever defence exports of $2.5 billion in the financial year 2023-24 (FY24). This impressive figure represents a 25% increase from the $2 billion recorded in the previous financial year (FY23). The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha, highlighted this achievement, citing data from the Ministry of Defence (MoD).
The Economic Survey revealed that the $2.5 billion figure for FY24 marks an over 12-fold increase compared to FY17, when defence exports were a mere $0.2 billion. This substantial growth underscores India’s evolving role in the global defence market. The country, once the world’s second-largest arms importer between 2015 and 2019, has successfully transitioned to being among the top 25 global defence exporters.
India’s defence production has seen a remarkable surge, growing from Rs 74,054 crore in FY17 to Rs 108,684 crore (Rs 1.09 trillion) in FY23. This substantial increase has not only boosted the nation’s defence capabilities but has also significantly enhanced its export potential.
Diverse Range of Exported Products
The Survey highlighted that around 100 domestic companies are currently exporting a diverse range of defence products and equipment. These exports include:
- Aircraft such as the Dornier-228
- Artillery guns
- BrahMos missiles
- PINAKA rockets and launchers
- Radars
- Simulators
- Armoured vehicles