Bharat is on track to meet its ambitious defence export target of ₹50,000 crore by 2028-29, according to Defence Ministry officials. This projection comes in light of recent export data for the first quarter of the 2024-25 fiscal year.
Data released a day earlier reveals that Bharat’s defence exports reached ₹6,915 crore during the April-June period, marking a significant 78 per cent increase compared to ₹3,885 crore for the same period last year. The distribution between public and private sectors remains consistent, with the public sector contributing 60 per cent and the private sector 40 per cent.
In April, the Defence Ministry announced a 32.5 per cent growth in defence exports for the 2023-24 fiscal year, surpassing ₹21,000 crore for the first time. This growth highlights Bharat’s commitment to enhancing its indigenous defence manufacturing and military export capabilities.
The value of exports in FY 2023-24 was 32.5 per cent higher than the ₹15,920 crore recorded in the previous fiscal year. Over the past decade, defence exports have surged 31-fold compared to FY 2013-14, as per media report.
Currently, Bharat exports military hardware to approximately 85 countries, involving around 100 local firms. The exported equipment includes missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, various radars, surveillance systems, and ammunition.
The government has highlighted that the sharp rise in military exports and the reduction in imports are attributed to policy initiatives and reforms implemented over the past decade.
