India’s defence production skyrockets to Rs 1.27 lakh crore in 2023-24

The value of defence production in the country has gone up to a record-high figure i.e., Rs 1,26,887 crore
Defence Production at highest level
Defence Production at highest level

New Delhi: Defence Minister Rajnath Singh on Friday said the country has registered the highest-ever growth in the value of defence production in 2023-24, and that the Make in India programme is crossing new milestones.

He also said that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.

In a release, M0D said, “Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the Government, led by Prime Minister Narendra Modi, focusing on achieving ‘Aatmanirbharta’. 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 per cent over the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 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 Shri Narendra Modi. He voiced the Government’s unwavering resolve to develop India as a leading global defence manufacturing hub.

Of the total value of production (VoP) in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8 per cent 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. Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defence items and the private industry for taking defence production at an all-time high.

(Defence Watch– India’s Defence News centre that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)

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