NEW DELHI, April 1: India’s defence exports have surged to a record high of Rs 23,622 crore (approx. USD 2.76 billion) in 2024-25, registering a 12.04 per cent growth over the previous fiscal, Defence Minister Rajnath Singh said on Tuesday.
Prime Minister Narendra Modi hailed the achievement as a “proud milestone” in India’s progress in the defence manufacturing sector.“This is indeed a proud milestone in our journey towards self-reliance and global leadership in defence manufacturing!” Modi said on X.
Singh also said the country is poised to achieve the target of Rs 50,000 crore in defence exports by 2029.
India’s defence exports in 2023-24 were Rs 21,083 crore.“India’s defence exports have surged to a record high of Rs 23,622 crore in the FY 2024-25,” the defence minister said 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 congratulated all the stakeholders on this “significant achievement”.“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) have shown a significant increase of 42.85 per cent in their exports in 2024-25, according to an official readout.
It said the surge in the DPSU’s exports reflected the growing acceptability of Indian products in the global market and the ability of the country’s defence industry to be a part of the global supply chain.
The private sector and DPSUs have contributed Rs 15,233 crore and Rs 8,389 crore respectively in defence exports of 2024-25, the defence ministry said in the readout. (PTI)
