NEW DELHI: Union Defence Minister Rajnath Singh took to social media to announce that the country's defence exports have soared to unprecedented levels, crossing the milestone of Rs 21,000 crore for the first time in the history of Independent India.
Defence Minister Rajnath Singh posted on x," Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed Rs 21000 crore mark for the first time in the history of Independent India! India's defence exports have recahed to the level of Rs.21,083 Crore in the financial year 2023-24 which is a spectacular growth of 32.5 per cent over the previous fiscal."
According to the statement posted by Defence Minister Rajnath Singh, India's defence exports surged to a staggering Rs 21,083 crore in the financial year 2023-24, marking a remarkable growth rate of 32.5 per cent over the previous fiscal year.
India's defence exports span across 84 countries and regions worldwide.
This phenomenal growth reflects the concerted efforts and strategic initiatives undertaken by the Defence Ministry, particularly under the leadership of Prime Minister Narendra Modi, to bolster India's defence manufacturing capabilities and promote indigenous defence production.
The Defence Ministry has implemented a series of initiatives aimed at catalysing India's defence manufacturing sector.
These initiatives have not only facilitated technological advancements but have also created a conducive environment for both public and private sectors to actively participate and contribute to the nation's defence exports.
The success story of India's defence exports owes much to the collective efforts of about 50 Indian companies, spanning both the public and private sectors, who have played a pivotal role in achieving this feat.
These companies have demonstrated commendable innovation, efficiency, and quality standards, thereby enhancing India's reputation as a reliable supplier of defence equipment and technology.
India's defence exports have diversified geographically, with exports reaching countries such as Italy, Maldives, Sri Lanka, Russia, UAE, Poland, Philippines, Saudi Arabia, Egypt, Israel, Spain, Chile, among others.
This global outreach underscores the growing demand for Indian defence products and the increasing recognition of India's capabilities in meeting the evolving security needs of nations worldwide.
Among the major defence items being exported, Personal Protective Items, Offshore Patrol Vehicles, ALH Helicopters, SU Avionics, Coastal Surveillance Systems, Light Engineering Mechanical Parts, Kavach MoD, among others, have emerged as key contributors to India's defence export portfolio.
These cutting-edge defence technologies and equipment have garnered significant interest from international buyers, further enhancing India's position as a leading exporter of defence hardware.