Updated April 1st, 2024 at 14:57 IST

India's Defence Exports Cross an All-Time High of Rs 20,000 Crore: Rajnath Singh

The defence exports have reached an all-time level of Rs 21,083 crore in the financial year 2023-2024.

Reported by: Digital Desk
Defence Minister Rajnath Singh. | Image:PTI
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New Delhi: Marking a significant achievement in the history of independent India, the defence exports have reached an all-time level of Rs 21,083 crore in the financial year 2023-2024. This means a total of 32.3% growth in FY24 has been observed as compared to the previous financial year.

The figures were announced by Defence Minister Rajnath Singh on X on Monday. The post read, "Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed the Rs 21000 crore mark for the first time in the history of Independent India!"

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India’s defence exports have recahed to the level of Rs.21,083 Crore in the financial year 2023-24 which is a spectacular growth of 32.5% over the previous fiscal,” it read further.

Highlighting the strong growth of the private sector and DPSUs over the years, Singh said “defence ministry has taken several initiatives to spur India’s defence manufacturing and exports."Our defence industries including the Private Sector & DPSUs have registered a commendable performance in the recent years. Congratulations to all stakeholders on crossing the new milestone in defence exports."

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He credited Prime Minister Narendra Modi for his visionary leadership to spur India's defence manufacturing and exports.

This comes as in the financial year (FY) 2022-23, the Ministry of Defence exports have reached nearly Rs 16,000 crore, which marked an increase of almost Rs 3,000 crore from the previous fiscal year.

However, the defence production in FY 2022-23 surpassed Rs one lakh crore, marking a significant increase from Rs 95,000 crore in FY 2021-22. 

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Published April 1st, 2024 at 14:57 IST