Indian defence exports increased by 150% between 2020–21 and 2023–24, according to statistics issued by the MoD. (Indian MoD/Janes)

Indian defence exports reached INR210.83 billion (USD2.5 billion) in fiscal year (FY) 2023–24, an annual increase of 32%, the Indian Ministry of Defence (MoD) has said.

The MoD said in a statement on 1 April that private sector firms contributed to 60% of exports in 2023–24, with state-owned defence public sector undertakings (DPSUs) accounting for the remainder.

It added, “The figures indicate that defence exports have grown 31 times in the last 10 years as compared to FY 2013–14.”

The MoD also pointed to an increase in authorisations issued to Indian defence exporters. “From 1,414 export authorisations in FY 2022–23, the number jumped to 1,507 in FY 2023–24,” the MoD said.

According to the MoD, Indian defence exports in the decades 2004–05 to 2013–14 and 2014–15 to 2023–24 increased by nearly 21 times. “Total defence exports during 2004–05 to 2013–14 were INR43.12 billion, which has gone up to INR883.19 billion in the period from 2014–15 to 2023–24.”