Defence exports touch record Rs.21,083 crore in FY 2023-24; massive rise of 32.5% over last fiscal

Number of export authorizations rise to 1,507 in FY 2023-24 from 1,414 in FY 2022-23

April 1, 2024

Recent figures indicate that defence exports have grown by 31 times in the last 10 years as compared to FY 2013-14

Defence exports have touched a record Rs.21,083 crore (approx. US$ 2.63 Billion) in the Financial Year (FY) 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs.15,920 crore.

The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to FY 2013-14.

The remarkable growth has been achieved due to the policy reforms and ‘Ease of Doing Business’ initiatives brought in by the government, in addition to the end-to-end digital solution provided to the Indian industries for promoting defence exports. This growth is a reflection of the global acceptability of Indian defence products and technologies.

In addition, there has been a rise in the number of export authorizations issued to the defence exporters during FY 2023-24. From 1,414 export authorizations in FY 2022-23, the number jumped to 1,507 in FY 2023-24.

A comparative data of two decades i.e. the period from 2004-05 to 2013-14 and 2014-15 to 2023-24 reveals that there has been a growth of 21 times in the defence exports. Total defence exports during 2004-05 to 2013-14 were Rs.4,312 crore, which has gone up to Rs.88,319 crore in the period from 2014-15 to 2023-24.

The Defence Industry, including the private sector and Defence Public Sector Undertakings (DPSUs), has made tremendous efforts to achieve the highest-ever defence exports. The private sector and the DPSUs have contributed about 60% and 40% respectively.

For all the latest updates, download PGurus App.