India's defence production hits record high of ₹ 1.27 lakh crore in 2023
- In Reports
- 08:15 PM, Jul 05, 2024
- Myind Staff
In the fiscal year 2023-24, India's annual defence production has achieved a record high of approximately ₹1.27 lakh crore, marking a significant increase from ₹1,08,684 crore in FY 2022-23. Defence Minister Rajnath Singh highlighted this achievement, attributing it to the Make in India programme's progress.
Prime Minister Narendra Modi welcomed this milestone, praising all contributors involved. He emphasised India's dedication to fostering an enabling environment to boost capabilities further, aiming to position India as a prominent global defence manufacturing hub.
"This will enhance our security apparatus and make us Aatmanirbhar!" Defense Minister Rajnath Singh said on X, emphasising the significance of the achievement.
According to a statement from the defence ministry, in the financial year 2023-24, the Ministry of Defence has recorded the highest-ever growth in indigenous defence production in terms of value. This accomplishment is attributed to the successful implementation of government policies and initiatives, under the leadership of Prime Minister Narendra Modi, aimed at achieving 'Aatmanirbharta' (self-reliance).
The statement further highlights that annual defence production has reached a historic high of approximately ₹1.27 lakh crore in the fiscal year 2023-24. The government remains committed to creating a conducive environment to propel India forward as a leading global defence manufacturing hub.
According to the statement, the value of defence production in India has reached a record high of ₹1,26,887 crore, marking a growth of 16.7% over the previous financial year. This achievement was reported based on data from all Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items, and private companies.
Defense Minister Rajnath Singh extended congratulations to the Indian industry, including defence PSUs, other public sector undertakings involved in defence production, and the private sector, for this accomplishment. He emphasised that year after year, the Make in India programme continues to achieve new milestones under the leadership of Prime Minister Narendra Modi.
In a statement on X, it was highlighted that India achieved its highest-ever growth in the value of defence production in the fiscal year 2023-24. The total production value reached ₹1,26,887 crore, marking a substantial increase of 16.8% compared to the previous financial year.
The Ministry of Defence noted that Defence Public Sector Undertakings (DPSUs) and other Public Sector Undertakings (PSUs) contributed approximately 79.2% to this production value, while the private sector contributed 20.8%. Both sectors demonstrated steady growth in absolute production values, as per the data.
This achievement was attributed to the government's policy reforms, initiatives, and improvements in the ease of doing business over the past decade. The focus on achieving self-reliance in defence manufacturing played a crucial role in this success. The statement emphasised aggressive and sustained efforts towards indigenisation, which led to the highest-ever Value of Production (VoP). Additionally, robust growth in defence exports significantly contributed to the overall expansion of indigenous defence production.
In FY 2023-24, India's defence exports reached a record-high of ₹21,083 crore, marking a substantial growth of 32.5% compared to the previous fiscal year, which recorded exports worth ₹15,920 crore.
The statement further highlighted that over the last five years since 2019-20, the value of defence production has been steadily increasing, showing a growth of over 60%. The ministry also provided year-wise data for this period to illustrate the upward trend in defence production. This significant growth in both defence production and exports underscores India's expanding capabilities and its increasing role in the global defence market.
Image Source: Hindustan Times
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