Indigenous defence production touches a new high at 1.27 lakh crore

The value of defence production in FY 2022-23 was Rs 1,08,684 crore and grown by over 60%
Union Defence Minister Rajnath Singh with armed forces.
Union Defence Minister Rajnath Singh with armed forces.(File Photo)

NEW DELHI: The indigenous production in the defence sector has touched a new high touching a record figure of around Rs 1.27 lakh crore. The record defence production in value terms during Financial Year (FY) 2023-24 has been achieved as a result of steady increase in production values since 2019-20.

The Ministry of Defence on Friday said, “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 i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year.”

“The indigenisation efforts have been pursued aggressively on a sustained basis, resulting in the highest ever VoP (value of production). Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production.” said MoD.

The value of defence production in FY 2022-23 was Rs 1,08,684 crore.

Of the total VoP in 2023-24, about 79.2% has been 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 growth in defence production.

In the last five years (since 2019-20), the value of defence production has been increasing steadily, and grown by over 60%.

It may be recalled that defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore.

Acknowledging the achievement through a post on X, Defence Minister Rajnath Singh stated that the ‘Make in India’ programme is crossing new milestones, year after year, under the leadership of Prime Minister Narendra Modi.

He voiced the Government’s unwavering resolve to develop India as a leading global defence manufacturing hub.

Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defence items and the private industry for taking the defence production at an all-time high.

The MoD attributed the highest-ever growth to successful implementation of 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.

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