India Achieves Record Defence Exports: 78 Per Cent Growth In First Quarter Of FY 2024-25

India's defense sector saw a remarkable 78 per cent increase in exports during the first quarter of FY 2024-25 compared to the same period last year.

According to a report from The Economic Times, exports have reached Rs 6,915 crore between April and June 2024, up from Rs 3,885 crore in Q1 of FY 2023-24.

This growth highlights India's expanding presence in the global arms market, driven by strong domestic production and strategic policy reforms.

This impressive growth is largely due to the increased number of export authorisations granted to defence manufacturers, which rose to 1,507 in FY 2024 from 1,414 in FY 2023.

Alongside rising exports, India's domestic defence production also saw significant growth.

The Ministry of Defence (MoD) has reported that domestic production reached nearly Rs1.27 trillion in FY 2024, up from Rs.1.09 trillion in the previous fiscal year, representing a 16.7 per cent increase.

This surge has been largely driven by the government's focus on strengthening the indigenous defence manufacturing ecosystem and reducing reliance on imports.

Around 100 domestic companies have played a crucial role in driving India's defence exports, supplying a diverse range of military products including Dornier-228 aircraft, artillery guns, BrahMos missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles.

India is now on track to achieve its ambitious defence export target of Rs.50,000 crore within the next five years.

The MoD has outlined a clear roadmap to sustain and accelerate this growth, focusing on expanding the range of exported products and increasing collaboration with international partners.