India’s Defence Exports Reach Record ₹23,622 Crore in 2024-25: Rajnath Singh

India's defense exports have reached an all-time high of Rs 23,622 crore (approximately USD 2.76 billion) in 2024-25, marking a 12.04% increase from the previous fiscal year, Defence Minister Rajnath Singh announced on Tuesday.

India's defence exports in 2023-24 were Rs 21,083 crore. (File)

Prime Minister Narendra Modi lauded this accomplishment, calling it a "proud milestone" in India's advancement in the defense manufacturing sector.

"This is indeed a proud milestone in our journey towards self-reliance and global leadership in defence manufacturing!" PM Modi posted on X.

Singh stated that the country is on track to reach the goal of ₹50,000 crore in defence exports by 2029.

In the fiscal year 2023-24, India's defence exports amounted to ₹21,083 crore.

"India's defence exports have surged to a record high of Rs 23,622 crore in the FY 2024-25," the defense minister stated on 'X'.

"An impressive growth of Rs 2,539 crore or 12.04% has been registered in the just-concluded FY over the defence exports figures of FY 2023-24, which were Rs 21,083 crore," he added.

Singh also extended his congratulations to all stakeholders on this "remarkable accomplishment."

"Under PM Shri @narendramodi's leadership India is marching towards achieving the target of increasing defence exports to Rs 50,000 crore by 2029," Singh said.

The Defence Public Sector Undertakings (DPSUs) recorded a notable 42.85% growth in exports for 2024-25, according to an official statement.

The report highlighted that this surge reflects the increasing global acceptance of Indian defence products and the industry's growing integration into the global supply chain.

As per the defence ministry, the private sector and DPSUs contributed ₹15,233 crore and ₹8,389 crore, respectively, to defence exports in 2024-25.

In comparison, the corresponding figures for 2023-24 stood at ₹15,209 crore and ₹5,874 crore, it added.

"India has evolved from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production," the ministry said.

"In a major boost to defence exports, a wide range of items from ammunition, arms, sub-systems/systems and parts & components have been exported to around 80 countries in the just-concluded financial year," it said.

The ministry stated that the Department of Defence Production has a dedicated portal for submitting and processing export authorization requests. In 2024-25, a total of 1,762 export authorizations were issued, up from 1,507 in the previous year.

Additionally, the number of exporters saw a 17.4 percent increase during the same period, it added.

(This Article was originally published by NDTV)