India has transitioned from an arms importer and is now in the list of the top 25 arms exporter nations, finds Economic Survey 2024. India's defence production grew substantially from ₹74,054 crore in FY17 to ₹1,08,684 crore in FY23, boosting defence exports. Between 2015 and 2019, India held the distinction of being the world's second-largest arms importer.