India’s defence sector has achieved record-breaking production and export figures in the financial year 2023-24. The domestic production reached a record ₹1.27 lakh crore, marking a 16.7% increase over the previous year and a staggering 60% growth compared to 2019-20. Additionally, defence exports soared to an unprecedented ₹21,083 crore, reflecting a nearly 35% increase over the last fiscal year.
Factors Contributing To Growth
The growth in India’s defence exports can be attributed to several factors, including the ‘Aatmanirbhar Bharat’ initiative and strategic government policies. The visionary leadership of ‘Aatmanirbhar Bharat’ has played a significant role in driving this achievement. The government’s policy reforms and Ease of Doing Business initiatives have also contributed to the remarkable growth in defence exports.
Historical Growth of Defence Exports
The recent figures indicate that India’s defence exports have grown by 31 times in the past 10 years compared to FY 2013-14. The total defence exports during the period from 2004-05 to 2013-14 were ₹ 4,312 crore, which has gone up to ₹88,319 crore in the period from 2014-15 to 2023-24. This growth reflects the global acceptability of Indian defence products and technologies.
Contribution of Public And Private Sectors
The achievement of record-breaking defence exports highlights the significant contributions of both the public and private sectors. The private sector has contributed 60% to the total defence exports, while the defence public sector undertakings (DPSUs) have contributed 40%.
India’s defence exports in FY 2023-24 reached a historic high of ₹21,083 crore, marking a significant increase over the previous year. This growth can be attributed to the ‘Aatmanirbhar Bharat’ initiative, policy reforms, and the global acceptability of Indian defence products. The remarkable growth in defence exports reflects India’s rising position as a global defence powerhouse.
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