In the latest information regarding defense products in the country, it has been revealed that the annual record of defense production has reached about Rs 1.27 lakh crore in the financial year 2023-24. An increase of 16.7% compared to the previous year, a growth of 60% has been recorded from 2019-20. Rajnath Singh gave this information on Friday. Defense Minister Rajnath Singh said that the government is committed to developing India as a leading global defense manufacturing hub. Defense exports touched a record high of Rs 21,083 crore in FY 2023-24, showing a growth of 32.5% compared to the previous financial year when this figure was Rs 15,920 crore.
Highest ever increase in indigenous defence production
Defence Minister Rajnath Singh wrote in his post that the Ministry of Defence has achieved the highest ever growth in indigenous defence production in terms of value during FY 2023-24 based on the successful implementation of the policies and initiatives of the government led by Prime Minister Narendra Modi, aimed at achieving ‘self-reliance’. According to data received from all Defence Public Sector Undertakings (DPSUs), other PSUs and private companies manufacturing defence goods, the value of defence production in the country has reached Rs 1,26,887 crore. This shows an increase of 16.7% compared to the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 crore.
Make in India is crossing new milestones
Acknowledging the achievement through a post on social media platform X, Defence Minister Rajnath Singh said the ‘Make in India’ programme led by Prime Minister Narendra Modi is crossing new milestones year after year. 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 FY 2023-24, about 79.2% was 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 the private sector have recorded a steady increase in defence production.
Focus on achieving self-sufficiency
Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defence items and private industry for taking defence production to an all-time high. This achievement has been due to the policy reforms/initiatives brought in by the Government in the last 10 years with a focus on achieving self-reliance and ease of doing business. Increasing defence exports have contributed tremendously to the overall growth in indigenous defence production.
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