TestCloud
Prep • Practice • Perform
Log In

USA, France, and Armenia Emerge as Top 3 Defence Export Customers of India.

Economy Business | Dated: 07 Nov 2024

In Fiscal Year 2023-24 (FY24), the United States of America (USA), France, and Armenia ranked as the top three buyers of Indian military equipment.

🎯 Key Highlights:

  • - In the Fiscal Year 2023-24 (FY24), India's Defence exports reached a record value of Rs 21,083 crore (approximately USD 2.6 billion), marking a 32.5% increase from FY23's figure of Rs 15,920 crore.
  • - The United States of America (USA), France, and Armenia emerged as the top three customers for Indian military equipment.
  • - Indian Defence exports have surged 31-fold in the past 10 years, compared to FY14.

💡 Other Important Facts:

  • (i) India's expanding Defence industrial base now includes 16 Defence Public Sector Units (DPSUs), 430 licensed companies, and around 16,000 MSMEs (Micro, Small, and Medium Enterprises), contributing significantly to production increases since FY15.
  • (ii) The private sector contributes 21% to the value of Defence production in India.
  • (iii) Although India remains the world's largest arms importer, accounting for 9.8% of global imports from 2019-2024.

📚 Test Your Knowledge:

Recently, which country, along with the USA and France, emerged as India's top defence export customer?

Correct Answer: Armenia

🚀 Quick Recap:

About France

  • Capital: Paris
  • Official language: French