India’s defence exports skyrocket to $2.5 billion in 2023-24: Marks a 30-fold leap over past ten years
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Growth in Defence Production
The Ministry of Defence (MoD) data highlighted a remarkable increase in India's annual domestic defence production, which reached nearly Rs 1.27 trillion in FY24, a 16.7% rise from Rs 1.09 trillion in the previous fiscal year. This surge is attributed to substantial efforts by both the private defence sector and defence public sector undertakings.
Increase in Export Authorisations
The Economic Survey reported a rise in the number of export authorisations issued to defence exporters. The number of authorisations grew from 1,414 in FY23 to 1,505 in FY24, representing a growth of approximately 6.6% year-on-year. This increase has facilitated the expansion of India's defence exports.
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Diverse Range of Defence Exports
India's defence industry, comprising around 100 domestic companies, exports a wide variety of products and equipment. These include Dornier-228 aircraft, BrahMos supersonic cruise missiles, Pinaka multi-launch rocket systems, Akash air defence missiles, artillery guns, radars, simulators, and armoured vehicles. The diversity and quality of these exports have contributed significantly to India's standing among the top 25 arms exporter nations.
Key Export Destinations
While the Economic Survey did not specify all the countries importing Indian defence
