Defence production to reach record high of around Rs 1.27 lakh crore in 2023-24: Defence Ministry

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New Delhi. Defence Minister Rajnath Singh said on Friday that India’s annual defence production reached a record level of about Rs 1.27 lakh crore in 2023-24 and this is another achievement in the ‘Make in India’ program. The value of defence production in the financial year 2022-23 was Rs 1,08,684 crore. Singh wrote on the social media platform ‘X’ that the government is committed to creating a more favorable system to develop India as a leading global defence manufacturing hub.

According to a statement issued by the Ministry of Defense on Friday, “The Ministry of Defense has achieved the highest ever growth in indigenous defense production in terms of value in the financial year 2023-24, based on the successful implementation of the policies and initiatives of the government led by Prime Minister Narendra Modi, focusing on achieving ‘self-reliance’. It said that in 2023-24, the annual defense production reached a record level of about Rs 1.27 lakh crore.

The statement said, “According to the data received from all the Defence Public Sector Undertakings (DPSUs), other Public Sector Undertakings and private companies manufacturing defence material, the value of defence production in the country has reached a record level of Rs 1,26,887 crore. This shows an increase of 16.7 percent compared to the defence production of the last financial year.” Singh congratulated the Indian industry and private industry, including the defence public sector undertakings and other public sector undertakings manufacturing defence material, for this achievement.

He said, “Under the leadership of Prime Minister Narendra Modi, the ‘Make in India’ program is setting new records every year.” Singh wrote on ‘X’, “India has recorded the highest ever increase in the value of defense production in 2023-24. Defense production reached Rs 1,26,887 crore in 2023-24, which is 16.8 percent more than the value of production of the previous financial year.”

The Ministry of Defense said, “In 2023-24, about 79.2 percent of the total value of production (VOP) was contributed by DPSUs / other PSUs and 20.8 percent by the private sector.” According to the statement, the figures show that both DPSUs / PSUs and the private sector have registered stable growth in defense production in terms of absolute value.

The ministry said this achievement has been achieved due to the policy reforms and initiatives brought by the government in the last 10 years with a focus on achieving self-reliance and ease of doing business. The statement said, “Indigenisation efforts have been aggressively pursued on a sustained basis, resulting in the highest ever VOP. Apart from this, increasing defence exports have contributed tremendously to the overall increase in indigenous defence production.”

It said that defense exports grew by 32.5 percent to a record high of Rs 21,083 crore in the financial year 2023-24. It was Rs 15,920 crore in the last financial year. According to the statement, the value of defense production has been increasing continuously in the last five years (since 2019-20). It has increased by more than 60 percent.

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