New Delhi [India], May 14 : Defence exports from India are at all-time highs, having risen a whopping 34-fold over the past decade.
"India exported defence goods worth Rs 23,622 crore in 2024-25 a 34-fold rise as against just Rs 686 crore in 2013-14," Defence Minister Rajnath Singh's office said in a post on X.
The defence minister's office asserted that India's defence sector is growing stronger than ever, driven by the spirit of a self-reliant or Atmanirbhar Bharat.
As part of its 'Atmanirbhar' and Make in India plans, the government launched various schemes, including the production-linked incentive (PLI), in various sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce dependency on imports.
With the government's thrust on the Make in India initiative, defence production has surged to historic highs. This rise in defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past years.
The government is investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Notably, many global companies have either shared or shown intent to share critical defence and aerospace knowledge with India.
A wide range of items, including ammunition, arms, subsystems/systems, and parts and components, were exported to around 80 countries in the just-concluded financial year, according to the Ministry of Defence data.
The government is now aiming for annual exports worth Rs 50,000 crore by 2029, thus strengthening its global footprint.
Indian defence sector stocks, which had recently corrected from their highs, have again been soaring over the past weeks, much of it due to the recent flare-up of tensions with Pakistan. The successful display of India's indigenously developed systems against the adversary last week also lent support to the defence stocks basket.
The latest conflict with Pakistan also alluded to the fact that it is critical to achieve self-reliance in defence manufacturing.
The Nifty India Defence index has climbed over 30 per cent over the past three months, reflecting investor confidence in the strategic importance and commercial growth of India's domestic defence sector. The rise in indigenous defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past few years.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor