In a remarkable milestone for independent Bharat, the country’s defence exports have risen to an all-time high, reaching Rs 21,083 crore in the financial year 2023-2024. This noteworthy achievement marks a staggering growth of 32.3 per cent in comparison to the previous fiscal year. Defence Minister Rajnath Singh announced these figures on Monday, showing the nation’s robust performance in the global defence market.
Singh expressed his delight in sharing the news, highlighting that this is the first time in the history of independent Bharat that defence exports have surpassed the Rs 21,000 crore mark. He credited the strong growth to the concerted efforts of both the private sector and Defence Public Sector Undertakings or DPSUs in bolstering Bharat’s defence manufacturing capabilities.
He asserted that the Defence Ministry has implemented numerous initiatives aimed at expanding Bharat’s defence industry and boosting exports. The minister applauded the exemplary performance of defence stakeholders, including the private sector and DPSUs, in achieving this significant milestone.
Singh attributed the success of Bharat’s defence exports to the visionary leadership of Prime Minister Narendra Modi, whose strategic guidance has propelled the nation’s defence manufacturing and exports to unprecedented heights. The PM’s vision and policies have played a pivotal role in transforming Bharat into a global hub for defence production and exports.
The surge in defence exports comes on the heels of a robust performance in the previous financial year. In FY 2022-23, the Defence Ministry exports nearly reached Rs 16,000 crore, marking a substantial increase of almost Rs 3,000 crore from the preceding fiscal year. Additionally, defence production in FY 2022-23 exceeded Rs 1 lakh crore, indicating a significant uptick from Rs 95,000 crore in FY 2021-22.
Bharat’s remarkable achievement in defence exports shows the nation’s growing prowess in the global defence arena. With a strong focus on indigenous manufacturing and strategic partnerships, the Asian giant is set to further strengthen its position as a key player in the international defence market.
