Record Defence Exports: Rs 21,083 Cr in FY 2023-24

Source-This post on Record Defence Exports: Rs 21,083 Cr in FY 2023-24 is based on the article “Defence exports touch record Rs 21,083 crore in FY 2023-24, an increase of 32.5% over last fiscal” published in “PIB” on 1st April 2024.

Why in the News?

Defence exports hit a record high of Rs 21,083 crore (approximately US$ 2.63 Billion) in FY 2023-24, marking a 32.5% increase from the previous fiscal year’s Rs 15,920 crore.

These recent numbers show a 31-times growth in defence exports in the last 10 years compared to FY 2013-14.

What do the recent figures of defence exports state?

1. Private sector and DPSU contribution– Approximately 60% of these exports come from the private sector, while Defence Public Sector Undertakings (DPSUs) contribute around 40%.

2. Significant rise in defence exports from 2014-15 to 2023-24-  During 2004-05 to 2013-14, total defense exports amounted to Rs 4,312 crore. However, this figure surged to Rs 88,319 crore from 2014-15 to 2023-24, marking a remarkable 21-times increase.

3. Future projection– India is projected to reach an annual defense production of Rs 3 trillion by 2028-29, with exports of military hardware potentially hitting Rs 50,000 crore.

UPSC Syllabus- Indian Economy