In a significant milestone for independent Bharat, the country’s defence exports have soared to an all-time high, reaching Rs 21,083 crore in the financial year 2023-2024. This remarkable achievement marks a staggering growth of 32.3% compared to the previous fiscal year. Defence Minister Rajnath Singh announced these figures on Monday, underscoring the nation’s robust performance in the global defence market.
Singh expressed his delight in sharing the news, highlighting that this is the first time in the history of independent Bharat that defence exports have surpassed the Rs 21,000 crore mark. He credited the strong growth to the concerted efforts of both the private sector and Defence Public Sector Undertakings (DPSUs) in bolstering India’s defence manufacturing capabilities.
The Defence Minister emphasized that the Ministry of Defence has implemented various initiatives aimed at fostering the growth of Bharat’s defence industry and boosting exports. He applauded the exemplary performance of defence stakeholders, including the private sector and DPSUs, in achieving this significant milestone.
Singh attributed the success of Bharat’s defence exports to the visionary leadership of Prime Minister Narendra Modi, whose strategic guidance has propelled the nation’s defence manufacturing and exports to unprecedented heights. The Prime Minister’s vision and policies have played a pivotal role in transforming Bharat into a global hub for defence production and exports.
The surge in defence exports comes on the heels of a robust performance in the previous financial year. In FY 2022-23, the Ministry of Defence exports nearly reached Rs 16,000 crore, marking a substantial increase of almost Rs 3,000 crore from the preceding fiscal year. Additionally, defence production in FY 2022-23 exceeded Rs one lakh crore, signaling a significant uptick from Rs 95,000 crore in FY 2021-22.
Bharat’s remarkable achievement in defence exports underscores the nation’s growing prowess in the global defence arena. With a strong focus on indigenous manufacturing and strategic partnerships, Bharat is poised to further strengthen its position as a key player in the international defence market.
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