Indian Jeweller. India’s defence export has moved from niche supplier to serious contender in a decade. From about Rs 700 crore in 2014 to Rs 38,400 crore in 2026, exports have expanded nearly 50 times. India’s defence exports have grown nearly 50-fold in a decade — from Rs 700 crore in FY2014 to Rs 38,400 crore in FY2026 — yet the country is still not among the world’s top 25 arms exporters..