New Delhi [India], April 1 (ANI): On Tuesday, Prime Minister Narendra Modi highlighted India’s defense export figures for the fiscal year 2024-25 as “a source of great pride” in the nation’s path toward becoming more self-sufficient.
Exports for defence have reached an all-time peak of Rs 23,622 crore in FY 25, showing an increase of 12.04%, or Rs 2,539 crore, from the previous year’s total of Rs 21,083 crore in FY 24.
PM Modi commented on Defence Minister Rajnath Singh's tweet, stating, "This truly marks an important milestone as we advance toward self-sufficiency and international prominence in defense production!"
Earlier, Rajnath Singh praised all the involved parties for reaching this milestone. He emphasized that with Prime Minister Narendra Modi at the helm, India is advancing toward the objective of boosting defense exports to Rs 50,000 crore by 2029.
The Defence Public Sector Undertakings (DPSUs) experienced a substantial rise of 42.85 percent in their exports during FY 2024-25, highlighting the increasing acceptance of Indian goods in international markets and showcasing the capability of India’s defense sector to integrate into worldwide supply chains.
"In fiscal year 2024-25, contributions from the private sector and DPSUs to defence exports amounted to Rs 15,233 crore and Rs 8,389 crore, respectively. This contrasts with the previous financial year, 2023-24, where these sectors contributed Rs 15,209 crore and Rs 5,874 crore, respectively," as stated by the Ministry of Defence.
India has transformed from being primarily reliant on imports for its military needs to prioritizing self-sufficiency and domestic manufacturing. This shift received significant support as a broad array of products—including ammunition, weapons, subsystems/systems, and parts—were exported to approximately 80 nations during the recently concluded fiscal year.
The Defence Production Department operates a specialized platform for submitting and managing applications for export authorization. In Fiscal Year 25, they granted 1,762 export licenses, an increase from the previous year’s count of 1,507, marking a rise of approximately 16.92 percent. Additionally, the ministry reported a surge of 17.4 percent more exporters during this timeframe.
Over the past several years, numerous policy changes have been implemented by the government with the aim of invigorating India’s defense sector. These include streamlining the process for obtaining industrial licenses, excluding certain parts and components from license requirements altogether, and increasing the duration of these licenses. Additionally, procedures for issuing export approvals were made simpler, along with introducing new measures during the previous fiscal year intended to enhance overseas sales from the nation. (ANI)
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