New Delhi, April 2 -- India's defence exports achieved a record Rs 23,622 crore (approximately USD 2.76 billion) in the financial year 2024-25, according to a statement released Tuesday by the Ministry of Defence.

This represents a growth of 12.04 per cent compared to the previous fiscal year's figure of Rs 21,083 crore.

Despite reaching this new milestone, the growth rate has decelerated significantly from the 32.4 per cent increase recorded in 2023-24, when exports rose from Rs 15,920 crore in the prior year.

The record achievement nevertheless fell short of the government's ambitious Rs 30,000 crore target for the year, marking a 21.26 per cent deficit against projected goals.

This shortfall highlights the challenges India faces in...