The value of defence production is around 17% higher than in the previous financial year.
“The value of production has reached ₹1,26,887 crore in 2023-24 which is 16.8% higher than the value of production in the previous financial year.
Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the private industry.
The value of defence production has grown by more than 60% since 2019-20 when it stood at ₹79,071 crore, according to defence ministry data.
India is eyeing a turnover of ₹1.75 lakh crore in defence manufacturing in the FY 2024-25.
NEW DELHI: India recorded the highest ever growth in the value of local defence production in the financial year 2023-24 on the back of enabling policy measures, with the figure reaching almost ₹1.27 lakh crore, defence minister Rajnath Singh announced on Friday. Defence minister Rajnath Singh said the value of production has reached ₹ 1,26,887 crore in 2023-24, 16.8% higher than the previous financial year (PTI FILE)
The development, hailed by Prime Minister Narendra Modi, comes at a time when the country is pursuing an ambitious agenda for achieving self-reliance in the defence manufacturing sector.
Of the total value of production in 2023-24, 79.2% was contributed by defence public sector undertakings and other PSUs, and the remaining 20.8% by the private sector, the defence ministry said in a statement.
The value of defence production is around 17% higher than in the previous financial year.
The Make in India programme is crossing new milestones, year after year, Singh said on X. “The value of production has reached ₹1,26,887 crore in 2023-24 which is 16.8% higher than the value of production in the previous financial year. Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the private industry. The Government is committed to create more conducive regime for developing India as leading Global Defence Manufacturing Hub,” his post said.
India produces a raft of weapons and systems including the Tejas light combat aircraft (LCA), different types of helicopters, warships, tanks, artillery guns, warships, missiles, rockets and a variety of military vehicles.
Praising the development on X, the PM said India was committed to enhancing its defence capabilities. “Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our security apparatus and make us Aatmanirbhar,” he said in a post.
The feat was achieved because of policy reforms and the ease of doing business brought in by the government during the last 10 years, the defence ministry statement said.
“The indigenisation efforts have been pursued aggressively on a sustained basis...that resulted in the highest ever value of production. Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production.”
Defence exports touched a record-high of ₹21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was ₹15,920 crore, the statement added.
The value of defence production has grown by more than 60% since 2019-20 when it stood at ₹79,071 crore, according to defence ministry data. India is eyeing a turnover of ₹1.75 lakh crore in defence manufacturing in the FY 2024-25.
India is currently exporting military hardware to around 85 countries. It includes missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, a variety of radars, surveillance systems and ammunition.
