Sunday, May 26 2024 | Time 05:55 Hrs(IST)
Business Economy

Defense exports touch a record over Rs 21k cr in 2023–24

New Delhi, Apr 1 (UNI) Riding on a series of policy reforms and Ease of Doing Business initiatives of the government, defense exports have increased to a record high of Rs 21,083 crore in 2023–24, witnessing a growth of 32.5 percent over the last financial year, according to an official statement from the Ministry of Defense.
Defense exports touched a record of Rs 21,083 crore (approximately. US$ 2.63 billion) in the financial year 2023–24, a growth of 32.5 percent over the last fiscal, when the figure was Rs 15,920 crore.
The recent figures indicate that defense exports have grown by 31 times in the last 10 years as compared to FY 2013–14, the government said.
“Delighted to inform everyone that the Indian defense exports have scaled to unprecedented heights and crossed the Rs 21000 crore mark for the first time in the history of independent India,” Defence Minister Rajnath Singh posted on his social media platform handle ‘X’.
The defense industry, including the private sector and defense public sector undertakings (DPSUs), has made tremendous efforts to achieve the highest ever defense exports. The private sector and the DPSUs have contributed about 60 percent and 40 percent, respectively.
In addition, there has been a rise in the number of export authorizations issued to defense exporters during FY 2023–24. From 1,414 export authorizations in FY 2022–23, the number jumped to 1,507 in FY 2023–24.
A comparative analysis of two decades, that is, the period from 2004–05 to 2013–14 and 2014–15 to 2023–24, reveals that there has been a growth of 21 times in defense exports. Total defense exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to Rs 88,319 crore in the period from 2014-15 to 2023-24.
The remarkable growth has been achieved due to the policy reforms and ‘Ease of Doing Business’ initiatives brought in by the government, in addition to the end-to-end digital solution provided to the Indian industries for promoting defense exports. This growth is a reflection of the global acceptability of Indian defense products and technologies.
More News

DVARA KGFS secures USD 10 mn in debt financing

25 May 2024 | 6:46 PM

Chennai, May 25 (UNI) Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a financial services company dedicated to maximizing financial well-being in rural India, today, announced the successful debt raise of USD10 million to fuel the company's expansion plans and strengthen its efforts to empower underserved communities across the country.

see more..

Amulyam to open maiden flagship store in Hyderabad on May 27

25 May 2024 | 6:45 PM

Hyderabad, May 25 (UNI) Hyderabad-based Amulyam, a start-up co-founded by a couple to promote unique wedding gifts, and tableware, will formally open its maiden flagship store on Monday.

see more..

ZF CV Control systems, IIT-Madras signs MoU

25 May 2024 | 6:21 PM

Chennai, May 25 (UNI) ZF Commercial Vehicle Control Systems India
Limited signed a Memorandum of Understanding (MoU) with the Indian
Institute of Technology, Madras (IITM), focusing on the ‘Mobility and Intelligent
Transportation’ (MInT), which has an ambitious goal of building the Bharat
Multi-Modal Mobility Stack (BM 3 S).

see more..

Meghalaya to attract Rs 8000 crore private investment, says CM

25 May 2024 | 6:00 PM

Shillong, May 25 (UNI) Chief Minister Conrad Sangma has said that Meghalaya is projected to attract substantial private investment of Rs 8000 crore.

see more..
RBI gives nod for appointment of PK Sinha as Part-time Chairman of ICICI Bank

RBI gives nod for appointment of PK Sinha as Part-time Chairman of ICICI Bank

25 May 2024 | 2:26 PM

Mumbai, May 25 (UNI) The Reserve Bank of India (RBI) has approved the appointment of Pradeep Kumar Sinha as part-time chairman of ICICI Bank for a period of three years, with effect from July 1, 2024.

see more..