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Union Defence Minister Rajnath Singh took to social media to announce that the country's defence exports have soared to unprecedented levels, crossing the milestone of Rs 21,000 crore for the first time in the history of Independent India.
According to the statement posted by Defence Minister Rajnath Singh, India's defence exports surged to a staggering Rs 21,083 crore in the financial year 2023-24, marking a remarkable growth rate of 32.5 per cent over the previous fiscal year.
Over-dependence on foreign imports has made India vulnerable to geopolitical pressures and has led to significant outflows of foreign exchange
Prime Minister Narendra Modi said that India aimed to increase defense exports to $5billion a year by 2024-25 from the current 1.5 billion. India's defence exports have grown in the last couple of years. But equally worrisome is the fact that some crucial projects of the Defence Research and Development Organisation (DRDO) have got delayed.