India’s annual defense production reached a new peak of approximately Rs 1.27 lakh crore in 2023-24, with the Make in India program achieving new milestones, according to Defense Minister Rajnath Singh on Friday.
The value of defense production in FY 2022-23 was Rs 1,08,684 crore. Singh also stated that the government is committed to creating a more favorable environment for developing India as a leading global defense manufacturing hub.
The Ministry of Defense achieved the highest-ever growth in indigenous defense production in value terms during the financial year 2023-24, driven by the successful implementation of the government’s policies and initiatives, focusing on achieving self-reliance.
Singh commended the Indian industry, including defense public sector undertakings, other public sector undertakings manufacturing defense items, and the private industry for this achievement.
The Ministry of Defense mentioned that 79.2 percent of the total value of production (VoP) in 2023-24 was contributed by DPSUs/other PSUs and 20.8 percent by the private sector.
This increased value of defense production is a result of policy reforms, initiatives, and ease of doing business brought in by the government over the last 10 years, with a focus on achieving self-reliance. Furthermore, defense exports reached a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5 percent over the previous fiscal year.
