India Poised To Achieve ₹50,000 Crore In Defense Exports By 2028-29: Officials

India is on track to meet its defence export target of Rs.50,000 crore over the next five years, defence ministry officials said on Sunday, citing government export data for the first quarter of fiscal year 2024-25.

According to data released a day earlier, India’s defence exports totalled Rs.6,915 crore between April and June. This is 78% higher than the figure of Rs.3,885 crore for the same period in the previous fiscal year. According to the officials, the public and private sectors held 60% and 40% of the market share, respectively, as they did last year.

According to data released a day earlier, India’s defence exports totalled Rs.6,915 crore between April and June. This is 78% higher than the figure of Rs.3,885 crore for the same period in the previous fiscal year. According to the officials, the public and private sectors held 60% and 40% of the market share, respectively, as they did last year.

In April, the defence ministry announced that India’s defence exports increased by 32.5% in the fiscal year 2023-24, crossing the Rs.21,000-crore mark for the first time, as the country remained focused on boosting both the indigenous defence manufacturing ecosystem and military exports.

The value of exports in FY 2023-34 was 32.5% higher than the previous year, when the figure was Rs. 15,920 crore. Defence exports have increased 31 times in the last decade when compared to FY 2013-14, as previously reported by HT.

India is currently exporting military hardware to approximately 85 countries, with approximately 100 domestic firms participating in the effort. The hardware consists of missiles, artillery guns, rockets, armored vehicles, offshore patrol vessels, personal protective equipment, a variety of radars, surveillance systems, and ammunition.

Military exports have increased dramatically, while imports have decreased as a result of policy initiatives and reforms implemented over the last decade, according to the government.