Union Finance Minister Nirmala Sitharaman announced that India now ranks among the top 25 global arms exporters. She made the statement while addressing the 4th Convocation Ceremony of Rashtriya Raksha University in Gandhinagar, Gujarat, on Monday.
Highlighting this milestone, she said, “From being the second largest arms importer in 2015 to 2019, as I said, India is now among the top 25 arms exporters with over 100 companies exporting products like BrahMos missiles, Pinaka rocket systems, and Dornier aircrafts.”
Sitharaman emphasized India’s remarkable progress in indigenous defence production. During the financial year 2023-24, India achieved a record defence production value of ₹1.27 lakh crore, a 2.7-fold increase compared to 2014-15. Defence exports also reached a historic high of ₹21,083 crore in 2023-24, a dramatic rise from ₹686 crore in 2013-14, reflecting a 30-fold increase over a decade.
She elaborated, “Now, India has achieved the highest ever growth in indigenous defence production, and this is where I’d like to share the number. In value terms, today we’ve reached a record high of ₹1.27 lakh crores in 2023-24.”
The minister credited this growth to strong policy support and strategic investments under Prime Minister Narendra Modi’s leadership. She remarked, “I’d like to highlight the fact that in the last few years, the emphasis given to defence production in this country is a matter of pride. Not just investments, policy support has made India today a net exporter of defence components. Earlier we were one of the biggest importers, and today when you have exports happening from India.”
Sitharaman also underscored the importance of coastal security and maritime trade for national security. She praised Rashtriya Raksha University for its role in training coastal security forces and noted that over 80% of global trade is conducted via shipping.
She further emphasized the government’s commitment to enhancing port infrastructure, stating that India’s port capacity has doubled over the last decade. “Over the last decade, we have doubled the capacity of our ports. And I want you to be sure that the policy of Prime Minister Narendra Modi is to ensure that our borders are given that much attention with policy and money,” she said.
These advancements highlight India’s growing self-reliance and its emergence as a significant player in the global defence sector, reinforcing its potential in the international arms trade.
