India, once the second-largest arms importer between 2015 and 2019, has emerged as a significant player in the global defence export market, breaking into the top 25 arms exporters. Union Finance Minister Nirmala Sitharaman highlighted this remarkable transition during the fourth convocation ceremony of the Rashtriya Raksha University in Gandhinagar, Gujarat.
She revealed that over 100 Indian companies are now exporting advanced defence products such as BrahMos missiles, Pinaka rocket systems, and Dornier aircraft. Record Defence Export Growth Defence exports in India reached an all-time high of ₹21,083 crore in 2023-24, a dramatic increase from ₹686 crore in 2013-14.
“India has achieved the highest-ever growth in indigenous defence production,” Sitharaman said. “In value terms, today we’ve reached a record high of ₹1.27 lakh crore in 2023-24, marking a 2.7-fold increase compared to 2014-15.” The finance minister credited this exponential growth to robust policy measures and investments championed under Prime Minister Narendra Modi’s leadership.
A Net Exporter of Defence Components
Emphasising India’s transformation, Sitharaman stated, “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 you have exports happening from India.”
Strengthening Maritime Security and Coastal Defence
The finance minister also underscored the crucial role of coastal security and maritime trade in national defence. She applauded the Rashtriya Raksha University for its role in training India’s coastal security forces and highlighted significant achievements in maritime infrastructure.
India’s cargo-handling capacity at ports has nearly doubled from 824 million metric tonnes per annum (MTPA) in 2014 to 1,630 MTPA in March 2024. Additionally, the turnaround time at major ports has been reduced to 48 hours, down from 94 hours in 2013-14. Sitharaman credited this progress to the robust ship-leasing and financing ecosystem developed at GIFT City in Gandhinagar.
India’s Role as First Responder to Maritime Threats
Highlighting recent maritime challenges, Sitharaman referred to attacks on commercial ships in the Red Sea between October 2023 and March 2024. She praised the Indian Navy and Coast Guard for their swift responses to rescue operations in such scenarios. “Many of us were happy and proud to know that the Indian Navy and Coast Guard rescued ships held by pirates or abandoned due to such piracy, along with the people on board,” she said. “We are already providing a response mechanism that many other countries, stronger and bigger than us, are not able to deliver. So, in terms of being first responders, India has earned a special name.”
India’s ascent as a defence exporter, coupled with its growing maritime and coastal security capabilities, signifies a turning point in the country’s defence and strategic positioning on the global stage.
