India’s Defence Exports Reach Rs. 21,083 Crore In 2023-24

India’s Defence Exports Reach Rs 21,083 Crore in 2023-24, 32.5 Growth

In the fiscal year 2023-24, India achieved a significant milestone in its defence sector. The country’s defence exports reached a record-high value of Rs 21,083 crore (around USD 2.63 billion), marking a 32.5% growth over the previous year. This growth is part of a broader trend in India’s defence sector, reflecting both enhanced domestic production and export capabilities. In parallel, India’s indigenous defence production also set a record, with a value of Rs 1,26,887 crore, representing a 16.7% increase compared to the previous fiscal year. The combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs) have been crucial in this success, contributing to a strengthened and self-reliant defence ecosystem.

Key Highlights Includes

Defence Exports: Reached Rs 21,083 crore, a 32.5% growth from Rs 15,920 crore in FY 2022-23.
Defence Export Growth Over 10 Years: Increased by 31 times since FY 2013-14.
Contribution by Sectors: Private sector contributed 60% and DPSUs contributed 40% to defence exports.
Defence Minister’s Target: Rajnath Singh set a target of Rs 50,000 crore in defence exports by 2029.
Indigenous Defence Production: A record Rs 1,26,887 crore in production value, up 16.7% from the previous year.
Positive Indigenisation Lists (PIL): Government issued five new PILs to boost domestic production and minimize reliance on imports.
The efforts to enhance Aatmanirbharta (self-reliance) in defence include steps like the creation of the Positive Indigenisation Lists, which focus on increasing the production of complex systems, sensors, and weapons.
These efforts are aligned with the government’s vision to reduce dependence on defence imports and to make India a hub for defence exports.

Key Figures

Defence Exports: Rs 21,083 crore (USD 2.63 billion)
Growth in Defence Exports: 32.5% increase from Rs 15,920 crore
Defence Production Value: Rs 1,26,887 crore
Growth in Defence Production: 16.7% increase from Rs 1,08,684 crore

Growth Policies

PIL Initiatives: 5 new Positive Indigenisation Lists for DPSUs, consisting of 346 items.
Self-Reliance Goals: Target of Rs 50,000 crore in defence exports by 2029.

Private sector and DPSU’s Contributions

Private Sector: Contributed 60% to defence exports.
DPSUs: Contributed 40% to defence exports.

Summary/Static	Details
Why in the news?	India’s Defence Exports Reach Rs. 21,083 Crore In 2023-24
Defence Exports in FY 2023-24	Rs 21,083 crore (USD 2.63 billion)
Growth in Exports	32.5% increase from Rs 15,920 crore
Defence Production in FY 2023-24	Rs 1,26,887 crore
Growth in Defence Production	16.7% increase from Rs 1,08,684 crore
Private Sector Contribution	60% of defence exports
DPSU Contribution	40% of defence exports
Target for Defence Exports	Rs 50,000 crore by 2029
Indigenisation Initiatives	5 new PILs for boosting domestic defence production