India's defense exports reach $2.6bn: US, France among top buyers
India's defense exports have hit an all-time high of ₹21,083 crore ($2.6 billion) in the fiscal year 2023-24. The United States, France, and Armenia were the top importers of Indian arms in this period. Notably, Armenia has become India's biggest customer for "finished" weapon systems like the Akash air defense missile systems and Pinaka multi-launch rocket systems.
Armenia emerges as India's largest client for weapon systems
Over the last four years, Armenia has signed several deals with India for various military products. These include missiles, artillery guns, rocket systems, weapon-locating radars, bullet-proof vests and night-vision equipment. The US mainly imports sub-systems and components from India with major companies like Boeing and Lockheed Martin sourcing fuselage and other parts for aircraft and helicopters from Indian manufacturers.
France and US's defense imports from India
On the other hand, France imports large quantities of software and electronic equipment from India. India's defense exports now cover around 100 countries globally. The exported items include BrahMos supersonic cruise missiles, Dornier-228 aircraft, artillery guns, radars, Akash missiles, Pinaka rockets and armored vehicles.
Brazil expresses interest in co-producing Akash missile system
Brazil has also shown interest in co-producing advanced variants of the Akash missile system with India. Although India remains the world's largest arms importer from 2019 to 2024, it is expanding its domestic defense industrial base under its 'Aatmanirbharta' (self-reliance) initiative. The country's defense-industrial base now comprises over 430 licensed companies and approximately 16,000 MSMEs.
India's domestic defense production reaches record high
India's domestic defense production hit a record ₹1.2 lakh crore in 2023-24. The government hopes to raise this to ₹3 lakh crore by 2028-29 with arms exports of ₹50,000 crore. India's self-reliance push includes banning imports of select weapon systems while aggressively marketing arms exports worldwide.
