The country recorded its highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, the defence ministry announced on Friday.
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 of ₹1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year, the Ministry said in a statement. The value of defence production in FY 2022-23 was ₹1,08,684 crore.
“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 show that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production,” the statement said.
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, it stated.
New milestones
“The Make in India programme is crossing new milestones, year after year, under the leadership of PM Narendra Modi. Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the Private industry. The Government is committed to create more conducive regime for developing India as leading global defence manufacturing hub,” Defence Minister Rajnath Singh said on social media platform ‘X’.
In addition, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production, the Ministry noted. Defence exports touched a record-high of ₹21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was ₹15,920 crore.
In the last five years (since 2019-20), the value of defence production has been increasing steadily, and grown by over 60%, the statement added.
Published - July 05, 2024 11:38 am IST
