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India's annual defence production hits record high of Rs 1.27 lakh crore in FY 2023-24, PM Narendra Modi describes development as 'encouraging'
India
Photo courtesy: X/@BJP4India

India's annual defence production hits record high of Rs 1.27 lakh crore in FY 2023-24, PM Narendra Modi describes development as 'encouraging'

| @indiablooms | 05 Jul 2024, 02:48 pm

India's Ministry of Defence on Friday said it achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the Government.

"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," read the statement issued by the Indian government.

The value of defence production in FY 2022-23 was Rs 1,08,684 crore.

Lauding the development, Indian PM Narendra Modi posted on X: " 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!"

Acknowledging the achievement through a post on X, Defence Minister Rajnath Singh stated that the ‘Make in India’ programme is crossing new milestones, year after year, under the leadership of Prime Minister  Narendra Modi.

He voiced the Government’s unwavering resolve to develop India as a leading global defence manufacturing hub.

Of the total value of production (VoP) in 2023-24, about 79.2% has been contributed by DPSUs/other PSUs and 20.8% by the private sector.

The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production.

Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defence items and the private industry for taking the defence production at an all-time high.

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 spiralling 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.

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