New Delhi, July 5 (UNI) The annual defence production has hit a record high of around Rs 1.27 lakh crore in Financial Year 2023-24, which is a rise of 16.7% over the last year, the Defence Ministry said.
As per the data received from all Defence Public Sector undertakings (DPSUs), other PSUs manufacturing defence items and private companies, the value of defence production in the country has gone up to a record high figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year.
The value of defence production in FY 2022-23 was Rs 1,08,684 crore, the statement said.
Acknowledging the achievement through a post on X, Defence Minister Rajnath Singh said, “The ‘Make in India’ programme is crossing new milestones, year after year, under the leadership of Prime Minister Narendra Modi.”
“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,” Singh said.
Of the total value of production (VoP) in 2023-24, about 79.2% has been contributed by DPSUs and other PSUs and 20.8% by the private sector. The data shows that in terms of absolute value, both DPSUs and PSUs and private sector have recorded a steady growth in defence production.
The feat has been achieved due to the policy reforms, initiatives and ease of doing business brought in by the Government in the last 10 years with focus on attaining self-reliance.
The indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever VoP. Moreover, the spiraling defence exports have contributed tremendously to the overall growth in the indigenous defence production.
It may be recalled that defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore.
