India’s Defence Minister, Rajnath Singh, has set a significant goal to boost the country’s defence exports to Rs 50,000 crore by the 2028-2029 fiscal year. This announcement came as Singh resumed his role at the Defence Ministry in South Block.
“Defence exports had touched a record Rs 21,083 crore in financial Year 2023-24. It was historic. Our target will be to export over Rs 50,000 crore worth of defence equipment by 2028-2029,” Singh said, highlighting the progress made in defence exports and setting an ambitious target for the future.
In April, Singh revealed that India’s defence exports had reached an unprecedented Rs 21,000 crore. Furthermore, India’s defence production exceeded Rs 1 lakh crore in 2023-24, aligning with New Delhi’s push to enhance defence exports under the Modi government.
According to the Ministry of Defence, India’s arms exports grew by 32.5 percent from the previous fiscal year, showcasing a significant increase over the past decade. From 2004-05 to 2013-14, total defence exports were Rs 4,312 crore, which surged to Rs 88,319 crore from 2014-15 to 2023-24. This growth is attributed to the collaboration between the private sector and Defence Public Sector Undertakings (DPSUs), with the private sector contributing 60 percent of the exports.
The Stockholm International Peace Research Institute (SIPRI) reported that Myanmar was the largest importer of Indian weapons from 2000 to 2023, accounting for 31 percent of India’s exports, followed by Sri Lanka at 19 percent. Major export items include ships (61 percent), aircraft (20 percent), sensors (14 percent), armoured vehicles (2.8 percent), and artillery (1.1 percent).
India exports arms to over 85 countries, including Italy, the Maldives, Russia, Sri Lanka, the UAE, the Philippines, Saudi Arabia, Poland, Egypt, Israel, Spain, and Chile. The largest arms export deal involved the delivery of three BrahMos missile batteries to the Philippines. Other notable exports include Dornier-228 aircraft, radars, armoured vehicles, and various surveillance systems.
Hindustan Aeronautics Limited (HAL) is in discussions with six nations to export the indigenous light combat aircraft Tejas, with significant interest from Argentina, the Philippines, and Nigeria. HAL aims for export sales of Rs 2,500 crore over the next few years.
Rajnath Singh emphasized the Modi government’s focus on long-term gains, aiming for India to become a developed nation by 2047. Despite India’s progress, it is not yet among the top 25 nations for defence exports according to SIPRI.
Singh reiterated the commitment to equipping the armed forces with state-of-the-art weapons and platforms, ready to face any challenge. He announced plans for regular review meetings to fast-track the implementation of key defence initiatives and schemes, reinforcing the push for self-reliance in defence manufacturing.
“Under the inspiring leadership of PM Shri @narendramodi, the MoD will further strengthen domestic defence manufacturing and boost exports to unprecedented highs,” Singh stated on X.
The Defence Ministry, under Singh’s leadership, aims to achieve the prime minister’s vision of a ‘Viksit Bharat’ by 2047, focusing on self-reliance, modernization of the armed forces, technological innovation, border infrastructure, and ex-servicemen welfare.
