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What TV doesn't, print can't; we deliver.
The Ministry of Defence has announced unprecedented growth in indigenous defence production during the Financial Year (FY) 2023-24. Underlining the success of government policies aimed at bolstering self-reliance, the total value of defence production surged to a historic high of Rs 1,26,887 crore.
NEW DELHI: The Ministry of Defence has announced unprecedented growth in indigenous defence production during the Financial Year (FY) 2023-24. Underlining the success of government policies aimed at bolstering self-reliance, the total value of defence production surged to a historic high of Rs 1,26,887 crore. This marks a significant 16.7% increase from the previous fiscal year’s production value of Rs 1,08,684 crore.
Defense Minister Rajnath Singh lauded the achievement, attributing it to the effective implementation of initiatives under the ‘Make in India’ programme, spearheaded by Prime Minister Narendra Modi. Singh emphasized the government’s steadfast commitment to positioning India as a global hub for defence manufacturing.
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According to data from Defence Public Sector Undertakings (DPSUs), other Public Sector Undertakings (PSUs), and private companies, DPSUs and PSUs contributed approximately 79.2% to the total production value, while the private sector accounted for 20.8%. Both sectors demonstrated robust growth in absolute terms, underscoring their pivotal roles in the achievement.
Singh highlighted that sustained policy reforms and improvements in ease of doing business over the past decade have been pivotal in driving this growth. The focus on indigenisation has been relentless, resulting in the highest-ever Value of Production (VoP) in the defence sector.
Furthermore, the surge in defence exports has been a significant contributor to this milestone. Defence exports soared to a record Rs 21,083 crore in FY 2023-24, marking a remarkable 32.5% increase from the previous fiscal’s figure of Rs 15,920 crore.
The trend of growth in defence production has been consistent over the past five years, with an overall increase of over 60% since 2019-20. This upward trajectory underscores India’s progress towards achieving self-sufficiency in defence manufacturing and its emerging prominence in the global defence market.
The achievement not only reflects India’s growing capabilities in indigenous defence production but also positions the country favourably in global supply chains. With continued policy support and industry collaboration, India aims to further strengthen its defence manufacturing capabilities and expand its footprint in international markets.
The Ministry of Defence’s announcement has been met with widespread acclaim from industry stakeholders and underscores India’s emergence as a formidable player in the global defence arena under Prime Minister Modi’s leadership.
