Annual Defence Production hits record high of approx. Rs. 1.27 lakh crore in Financial Year 2023-24
Growth of 16.7% over last year; 60% increase since 2019-20
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Govt is committed to develop India as a leading global defence manufacturing hub: Defence Minister Rajnath Singh
New Delhi, July 5. 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% 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 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% 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 private sector have recorded a steady growth in defence production. Mr. 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 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. The indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever VoP. Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production. 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.
In the last five years (since 2019-20), the value of defence production has been increasing steadily, and grown by over 60%. Following are the year-wise details:
