India's defence exports touched record Rs 21,083 crore in 2023-24, marks 32.5 pc growth
India's defence exports continue to rise touching a record Rs 21,083 crore (about USD 2.63 billion) in the FY2023-24, a growth of 32.5 per cent over the previous fiscal when the figure was Rs 15,920 crore.
ANI
Dec 26, 2024 20:02 IST
New Delhi [India], December 26 (ANI): India's defence exports continue to rise touching a record Rs 21,083 crore (about USD 2.63 billion) in the FY2023-24, a growth of 32.5 per cent over the previous fiscal when the figure was Rs 15,920 crore.
The figures indicated that the exports grew by 31 times in the last 10 years as compared to FY 2013-14.
"The defence industry, including the private sector and DPSUs (Defence Public Sector Undetakings), have made tremendous efforts in achieving the highest-ever exports. The private sector and DPSUs contributed about 60 per cent and 40 per cent respectively," the Defence Ministry said in its year-end review 2024.
It said that Defence Minister Rajnath Singh has exuded confidence that the target to export defence equipment worth Rs 50,000 crore by 2029 will be met.
The release said that to boost Aatmanirbharta in defence and minimise imports by DPSUs, the Department of Defence Production in July notified the fifth Positive Indigenisation List (PIL) consisting of 346 items.
The five lists for DPSUs are in addition to the five PILs of 509 items notified by the Department of Military Affairs. These lists include highly complex systems, sensors, weapons and ammunition.
The release said the Defence Ministry achieved the highest-ever growth in Indigenous defence production in value terms during 2023-24, on the back of the successful implementation of the policies and initiatives of the government.
Defence production went up to a record-high figure of Rs 1,26,887 crore, reflecting a growth of 16.7 per cent over the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 crore. Of the total value of production in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8 per cent by the private sector. The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production," the release said. (ANI)
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