Reiterating the target of increasing India’s defence exports to Rs 50,000 crore by 2029, Raksha Mantri Rajnath Singh on Tuesday stated that the country’s defence exports surged to a record high of Rs 23,622 crore in the last financial year.

In a post on X, Singh wrote, “An impressive growth of Rs 2,539 crore or 12.04% has been registered in the just-concluded FY over the defence exports figures of FY 2023-24, which were Rs 21,083 crore.

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“I congratulate all stakeholders on this significant achievement. Under PM Narendra Modi’s leadership India is marching towards achieving the target of increasing defence exports to Rs 50,000 crore by 2029,” he added.

Furthermore, the Defence Public Sector Undertakings (DPSUs) have shown a significant increase of 42.85 percent in their exports in the FY 2024-25 reflecting the growing acceptability of Indian products in the global market and the ability of the Indian defence industry to be a part of the global supply chain.

The private sector and DPSUs have contributed Rs 15,233 crore and Rs 8,389 crore respectively in defence exports of 2024-25, whereas the corresponding figures for FY 2023-24 were Rs 15,209 crore and Rs 5,874 crore respectively.

A statement from the Ministry of Defence stated that the country has evolved from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production.

In a major boost to defence exports, a wide range of items from ammunition, arms, sub-systems/systems and parts and components have been exported to around 80 countries in the just-concluded FY.