Indian Defense Exports Touch $2.63B in Fiscal 2024

Indian defense exports have surged to a record INR 21,083 crore (approximately $ 2.63 billion) in the Financial Year 2023-24, marking a growth of 32.5% compared to the previous fiscal year's figure of INR 15,920 crore ($1.9 billion).

“Delighted to inform everyone that the Indian Defense Exports have scaled to unprecedented heights and crossed INR 21,000 crore mark for the first time in the history of Independent India! India’s defense exports have reached to the level of INR 21,083 Crore in the financial year 2023-24 which is a spectacular growth of 32.5% over the previous fiscal,” Indian defense minister Rajnath Singh posted on social media platform ‘X.’

The data indicates a significant increase in defense exports over the past decade, growing 31 times since the Financial Year 2013-14.

Contributions to this came primarily from the private sector and Defence Public Sector Undertakings (DPSUs), with the former contributing about 60% and the latter about 40%.

During FY 2023-24, the number of export authorizations issued to defense exporters saw an increase from 1,414 to 1,507, reflecting a growing global demand for Indian defense products and technologies.

Comparative data spanning two decades from 2004-05 to 2013-14 and 2014-15 to 2023-24 highlights a remarkable growth of 21 times in defense exports. From INR 4,312 crore ($517 million) during 2004-05 to 2013-14, the exports surged to INR 88,319 crore ($10.6 billion) in the period from 2014-15 to 2023-24.

As per the defense ministry, this improvement is attributed to policy reforms and 'Ease of Doing Business' initiatives by the Government, coupled with digital solutions provided to Indian industries, facilitating defense exports.