The defence production sector in India has achieved a record high in the Financial Year 2023-24, reaching an approximate value of Rs 1.27 lakh crore. This represents a growth of 16.7% compared to the previous year, where the value of defence production stood at Rs 1,08,684 crore.
This milestone also marks a substantial 60% increase in defence production since the Financial Year 2019-20, highlighting the sector’s rapid growth and development over the past few years.
Of the total value of production in 2023-24, approximately 79.2% has been contributed by Defence Public Sector Undertakings (DPSUs) and other Public Sector Undertakings (PSUs), while the private sector accounted for 20.8%. This distribution underscores the crucial role of both public and private entities in driving the growth of India’s defence production capabilities.
The impressive increase in defence production reflects the ongoing efforts to bolster India’s self-reliance in defence manufacturing and the government’s push towards enhancing the capabilities of domestic defence industries.
Raksha Mantri Rajnath Singh congratulated the industry on this achievement, acknowledging the hard work and dedication of DPSUs, other PSUs, and private companies. He reiterated the government’s resolve to develop India as a leading global defence manufacturing hub.
The growth in defence production is a result of the policy reforms and initiatives introduced by the government over the past decade, focusing on ease of doing business and indigenisation.
The spiralling defence exports have also contributed to the overall growth, touching a record-high of Rs 21,083 crore in FY 2023-24.
Picture courtesy: X post from @spokespersonMoD