India’s defence exports have soared to a record high of Rs 21,083 crore (approximately USD 2.63 billion) in the fiscal year 2023-24, reflecting a 32.5% increase from the previous year’s figure of Rs 15,920 crore. This remarkable growth represents a 31-fold increase over the past decade, compared to FY 2013-14.
With a remarkable 32.5% growth in defence exports, it’s looking optimistic for India to achieve the ₹50,000 crore goal by 2029. Defence Minister Rajnath Singh has expressed strong confidence that this ambitious target will be met. This milestone not only highlights India’s expanding capabilities but also its growing influence in the global defence market.

Defence Minister was addressing officers at the Army War College (AWC) in more than two-centuries-old Mhow Cantonment. Singh emphasized the importance of mastering frontier technologies to address the evolving nature of warfare, highlighting the challenges posed by unconventional methods such as AI-based warfare, cyber-attacks, and space warfare.

As reported by The Economic Times- “The defence industry, including the private sector and DPSUs (Defence Public Sector Undertakings), 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.

To bolster Aatmanirbharta (self-reliance) in defence and reduce imports by Defence Public Sector Undertakings (DPSUs), the Department of Defence Production released the fifth Positive Indigenisation List (PIL) in July, comprising 346 items. These are in addition to the five PILs consisting of 509 items previously notified by the Department of Military Affairs, which include highly complex systems, sensors, weapons, and ammunition.

The Defence Ministry reported that during the fiscal year 2023-24, India achieved the highest-ever growth in indigenous defence production in value terms. This remarkable achievement is attributed to the successful implementation of various government policies and initiatives aimed at fostering self-reliance and innovation in the defence sector.

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.