Defence Exports Record High in FY 2023-24

Summary and Important Points:

Record Growth: Defence exports reached a record Rs 21,083 crore in FY 2023-24, marking a 32.5% increase from the previous fiscal year's Rs 15,920 crore.
Decade of Growth: Over the last 10 years, defence exports have grown by 31 times compared to FY 2013-14.
Sector Contributions: The private sector contributed about 60%, while DPSUs accounted for 40% of the exports.
Increased Authorisations: The number of export authorisations rose to 1,507 in FY 2023-24 from 1,414 in FY 2022-23.
Two-Decade Comparison: Over the past two decades, defence exports have seen a growth of 21 times, from Rs 4,312 crore (2004-05 to 2013-14) to Rs 88,319 crore (2014-15 to 2023-24).
Policy Impact: The growth is attributed to policy reforms and 'Ease of Doing Business' initiatives by the government.
Global Acceptance: This growth reflects the global acceptance of Indian defence products and technologies.

Additional Information:

Digital Solutions: The government's provision of an end-to-end digital solution for promoting defence exports has been a key factor in this success.
Global Market: Indian defence products and technologies are gaining traction globally, indicating India's rising prominence in the defence export market.
Policy Reforms: Significant policy reforms include measures to streamline export processes and enhance collaboration between the private sector, DPSUs, and the government.

Examination Perspective and Concise Points for Use:

Understand the key drivers behind the growth in defence exports.
Recognize the role of policy reforms and digital solutions in facilitating this growth.
Note the contribution of the private sector and DPSUs to the overall defence export figures.

Key Words to Remember:

Released On : 01 April 2024

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