India’s defence exports surged from a paltry ₹1,914 crore in 2014-15 to ₹23,622 crore in the last fiscal year 2024-25. The rapid growth in recent years, especially since 2020-21, when exports stood at ₹8,435 crore, inspires confidence that the Ministry of Defence (MoD) is on course to achieve its export target of ₹50,000 by 2029.
The credit for this upswing goes to India’s entrepreneurial private sector, which comprises over 430 licensed companies and approximately 16,000 MSMEs. Together, they accounted for ₹15,233 crore of the total exports in 2024-25, surpassing the combined export revenue of ₹8,389 crore earned by 16 Defence Public Sector Undertakings, which are primarily engaged in meeting the requirements of the Indian armed forces.