Defence Exports Surge By 78% In Q1 FY 2024-25, Eyeing Rs. 50,000 Crore Target

New Delhi, Aug 12 (KNN) India's defence sector has reported a significant increase in exports for the first quarter of fiscal year 2024-25, signalling strong progress towards the government's ambitious export target.

According to data released by the defence ministry, exports reached Rs 6,915 crore during April-June, marking a 78 per cent increase from the Rs 3,885 crore recorded in the same period last year.

This growth aligns with the government's goal to achieve Rs.50,000 crore in defence exports over the next five years.

The distribution between public and private sectors remained consistent with previous trends, with public sector enterprises accounting for 60 per cent of exports and private companies contributing the remaining 40 per cent.

The robust performance follows a record-breaking fiscal year 2023-24, during which defence exports surpassed Rs 21,000 crore for the first time, representing a 32.5 per cent year-on-year increase.

This continues a decade-long trend of exponential growth, with exports reportedly increasing 31-fold since fiscal year 2013-14.

Currently, India exports military hardware to approximately 85 countries, involving around 100 domestic firms.

The export portfolio includes a diverse range of equipment, from missiles and artillery to personal protective gear and surveillance systems.

Government officials attribute this growth to policy initiatives and reforms implemented over the past decade, which have simultaneously boosted exports and reduced dependence on imports.

These measures aim to strengthen India's indigenous defence manufacturing ecosystem and establish the country as a significant player in the global defence market.

(KNN Bureau)