India's defence exports cross Rs 6,000 crore in FY24, shows DDP data

Total defence exports over the last five years has now crossed Rs 52,000 crore

India exported Rs 6,052 crore worth of defence equipment, sub-systems, parts and components thus far in financial year 2023-24 (FY24), shows data from the Department of Defence Production.

Total defence exports over the last five years have now crossed Rs 52,000 crore. The data is as of 13 October 2023. It had touched Rs 15,918 crore in FY23, Rs 12,815 crore in FY22 and Rs 8,435 crore in FY21. It has risen for two years in a row, barring FY23 (chart 1).

The private sector's share in defence exports, seen through the value of export authorisations to the private sector, has been significant, driving much of the export growth. It accounted for nearly two-thirds of the total export value so far this year. It has ranged from 45 to 90 per cent over the last five years (chart 2).

Around 80 countries import defence equipment from India, according to a 2022 reply in Parliament. India has also met the majority of its capital expenditure in recent years for armed forces from domestic sources. The import value has typically been around Rs 40,000 crore. This has been in excess of 35 per cent in recent years of the armed forces' total capital procurement.