India’s Defence exports soared by 78 per cent in the first quarter (Q1) of 2024-25 compared to Q1 of the previous fiscal. The data shared through a post on X (Twitter) by the Ministry of Defence shows India’s defence exports stood at Rs.6,915 crore during April-June. It is 78 per cent higher than the figure of Rs.3,885 crore for the previous financial year (FY) 2023-24. As was the trend last year, the share of the public and private sectors stood at 60% and 40%, respectively, according to the official data.
“This leap underscores our firm commitment to Viksit Bharat and Atmanirbharta in Defence, setting a new benchmark in self-reliance and innovation,” the statement said.
Defence exports soared by 78% in Q1 of 2024-25 compared to Q1 of the previous fiscal.
This leap underscores our firm commitment to #ViksitBharat and #AatmanirbhartainDefence, setting a new benchmark in self-reliance and innovation. 🇮🇳@giridhararamane pic.twitter.com/z4APCArLRD
— A. Bharat Bhushan Babu (@SpokespersonMoD) August 10, 2024
The Economic Survey 2023-24, presented in the Lok Sabha on 22 July, revealed that India has achieved its highest-ever defence exports, reaching $2.5 billion (Rs 20,915 crore) in the financial year (FY) 2023-24. It marks a 25% increase from $2 billion in the previous fiscal year 2022-23. According to the Survey, data from the Ministry of Defence (MoD) also showed that the value of exported military equipment and systems in FY24 had grown more than 12 times compared to the figure of $0.2 billion in FY17.
The latest milestone represents a 25% increase from the $2 billion reported in FY23. Data from the Ministry of Defence (MoD) shows a significant rise in India’s annual domestic defence production, reaching nearly Rs 1.27 trillion in FY24, a 16.7% increase from Rs 1.09 trillion in the previous fiscal year. The survey acknowledges the tremendous efforts of both the private defence sector and the defence public sector in achieving “the highest-ever defence exports”.
The Survey mentioned that defence exports saw a significant increase due to a rise in the number of export authorisations to defence exporters. The authorisations increased to 1,507 in FY24 from 1,414 in FY23, showing a growth of about 6.6 per cent year-on-year.
The Survey also underscored the pivotal role of approximately 100 domestic companies in the surge of defence exports. These companies are exporting a wide range of defence products and equipment, including aircraft like Dornier-228, artillery guns, Brahmos missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles. Their diverse and high-quality exports have significantly bolstered India’s position among the top 25 arms-exporting nations, showcasing India’s self-reliance and global competitiveness.
Team BharatShakti
