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Context:
Recently, the Union Minister of Defence highlighted that India’s defence exports have crossed ₹21,000 crore in 2023-24.
More on the News
India's defence exports have surged from ₹1941 crore in FY 2014-15 to ₹21,083 crore in FY 2023-24, an increase of over 30 times in export value over the past decade.
The defence exports have grown by 31 times in the last 10 years as compared to the Financial Year 2013-14.
The private sector and the Defence Public Sector Undertakings (DPSUs) have contributed about 60% and 40% respectively.
A comparative analysis of two decades, the period from 2004-05 to 2013-14 and 2014-15 to 2023-24 reveals a growth of 21 times in the defence exports.
India has set the target to achieve defence exports of ₹50,000 crore by 2029.
Currently, India exports to over 100 nations, with the top three defence export destinations in 2023-24 being:
Key Government Initiatives for Defence Exports
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