On 1 April 2025, India’s defence exports hit a record high of ₹23,622 crore (approximately US$2.76 billion) for the financial year 2024–25. This marks a significant surge, with Defence Public Sector Undertakings (DPSUs) registering a 42.85% increase in export figures.
This report presents a detailed analysis of India’s defence exports to various countries, explores the key drivers behind the growth, and offers a year-by-year breakdown from 2014 to 2025.
#1 India’s Defence Exports Hit All-Time High in FY 2024–25
On 1 April 2025, India’s defence exports reached a record ₹23,622 crore (approx. US$2.76 billion), marking a 12.04% rise over the previous year. The Defence Public Sector Undertakings (DPSUs) saw a remarkable 42.85% growth, contributing ₹8,389 crore, while the private sector accounted for ₹15,233 crore. India exported arms to 80 countries, with the U.S., France, and Armenia among top buyers. Raksha Mantri Rajnath Singh praised the achievement and reaffirmed India’s goal of reaching ₹50,000 crore in exports by 2029 under PM Modi’s leadership. The growth highlights India’s rising presence in the global defence market.
#2 India’s Defence Manufacturing Soars Under ‘Make in India’ In FY 2023-24
India’s defence production surged to ₹1.27 lakh crore in FY 2023-24 – a 174% rise since 2014-15, driven by the ‘Make in India’ initiative. Exports also jumped 30-fold in a decade to ₹21,083 crore, reaching over 100 countries. Major contributions include ATAGS artillery, Tejas aircraft, and indigenous warships. Schemes like iDEX, ADITI, and SRIJAN boosted private sector and startup participation. India now manufactures 65% of its defence needs, reversing a decade-old import trend. With ambitious targets of ₹3 lakh crore in production and ₹50,000 crore in exports by 2029, India is positioning itself as a global defence manufacturing leader.
#3 India’s Defence Exports Hit ₹16,000 Cr in FY23, Marking 23-Fold Growth
India’s defence exports surged to a record ₹16,000 crore in FY 2022-23, a 23-fold jump from ₹686 crore in 2013-14, reflecting India’s emergence as a global defence exporter. Defence production crossed ₹1 trillion ($12 billion), registering 12% year-on-year growth. Over 100 Indian firms now export to 85+ countries, showcasing capabilities in platforms like Dornier aircraft, BrahMos missiles, and PINAKA systems. Foreign procurement dropped from 46% (2018-19) to 36.7% (2022).
#4 India’s Defence Exports Reach Record ₹13,000 Cr in FY22, Up 54%
India exported defence goods worth ₹13,000 crore in FY 2021-22, marking a 54.1% increase over the previous year and the highest-ever recorded. Exports, primarily to the US, Philippines, Southeast Asia, the Middle East, and Africa, were nearly eight times higher than in 2015-16. Despite COVID-19 setbacks, the sector rebounded strongly. Private firms contributed around 90% of the exports, with public sector undertakings making notable gains at 30%.
#5 India’s Defence Exports Rise to ₹8,434 Cr in FY21, Driven by Policy Reforms
India exported defence equipment worth ₹8,434.84 crore in FY 2020-21, up from ₹1,940.64 crore in 2014-15, reflecting a major policy push under the Modi government. Key reforms included easing SCOMET export restrictions, creating a dedicated export coordination office, empowering DPSUs, and launching an online export clearance portal. The government also promoted indigenisation through the Defence Acquisition Procedure 2020 and two Positive Indigenisation Lists.
#6 India’s Defence Exports Dip Slightly in FY20
In FY 2019-20, India’s defence exports totaled ₹9,115 crore (approx. $1.2 billion), a slight decline from ₹10,745 crore in 2018-19. Despite the dip, the broader trend shows a steady rise, driven by the government’s push for indigenous defence production and export promotion. Exports grew from ₹4,682 crore in 2017-18 to ₹15,920 crore in 2022-23. Defence Minister Rajnath Singh hailed the recent record as a “remarkable achievement.”
#7 India’s Defence Exports Hit ₹10,745 Cr in FY19, Exports to 85 Nations
In FY 2018-19, India’s defence exports touched a record ₹10,745 crore, marking a major step in its emergence as a global defence exporter. The country exported military hardware like missiles, ALHs, patrol vessels, and surveillance systems to 85 countries. Despite a slight dip in later years, exports rebounded, hitting ₹15,920 crore by FY 2022-23—a tenfold jump from 2016-17. Government reforms, indigenisation efforts, and a growing list of banned imports have helped India reduce dependency and boost exports. Major export prospects included Tejas jets, Akash missiles, and artillery systems.
#8 India’s Defence Exports Rise to ₹4,682 Cr in FY18, Total ₹38,500 Cr Since 2014
India exported defence equipment worth ₹4,682.36 crore in 2017-18, marking a sharp rise from ₹1,521.91 crore in 2016-17. Between 2014-15 and 2020-21, total defence exports stood at ₹38,500 crore. Major exports included armoured vehicles, radars, lightweight torpedoes, fire control systems, and tear gas launchers. Defence Minister of State Ajay Bhatt noted that exports are being made to around 75 countries, though names remain undisclosed for strategic reasons. The Ministry of Defence credited improved governance and end-user controls for India’s strengthening global defence position. War Memorial digital upgrades and DRDO tech initiatives were also highlighted.
#9 Defence Exports Cross ₹1,521 Cr in FY 2016-17, Laying Foundation for Export Growth
In the financial year 2016-17, India’s defence exports stood at ₹1,521 crore, marking a crucial starting point in the country’s push toward self-reliance in military manufacturing. This year laid the groundwork for exponential growth in exports under the ‘Aatmanirbhar Bharat’ and ‘Make in India’ initiatives. With streamlined export procedures and enhanced policy support, India began its transition from a major importer to an emerging global exporter of defence equipment.
#10 India’s Defence Exports Rise to ₹1,379 Cr in FY 2015-16 Amid Private Sector Growth
In FY 2015-16, India’s defence exports surged to ₹1,379.42 crore, reflecting strong momentum in military manufacturing, particularly from the private sector. About 12–14 private firms drove much of this growth. Major export destinations included Afghanistan, Israel, the UK, and Vietnam. Key exports ranged from offshore patrol vessels and Cheetal helicopters to protective gear and electronic systems. The government’s reforms—such as easing NoC norms and updating export procedures—boosted industry participation. With 319 industrial licences issued by January 2016, India’s shift toward domestic production and global defence trade gained strategic traction under the ‘Make in India’ initiative.
#11 India’s Defence Exports at ₹670 Cr in FY 2014-15 Amid Push for Indigenous Production
In FY 2014-15, India’s defence exports stood at ₹669.88 crore, slightly down from ₹686.27 crore the previous year. Major export destinations included the US, UK, Russia, and Nepal. Key items exported were aircraft spares, helicopters, and bulletproof gear. Over ₹2,605 crore worth of defence items were exported over five years, with contributions from DPSUs, OFB, and private firms. The Defence Production Policy 2011 and Defence Export Strategy aimed to boost indigenous manufacturing, support SMEs, ease licensing norms, and prioritize Indian procurement categories to reduce import dependence and build a self-reliant defence industry.
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