In the fiscal year 2023-24, India's annual defence production surged to a historic high of around Rs 1.27 lakh crore, marking a significant milestone for the Make in India programme, announced Defence Minister Rajnath Singh on Friday. This growth represents a notable increase from the Rs 1,08,684 crore recorded in the previous fiscal year of 2022-23.
In a post on X, Singh also said that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.
“The 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, focussing on achieving ‘Aatmanirbharta’,” the defence ministry said in a statement on Friday.
The annual defence production reached a record high of approximately Rs 1.27 lakh crore in the fiscal year 2023-24, according to the statement. It noted that data from all Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items, and private companies indicated a significant increase, amounting to Rs 1,26,887 crore. This reflects a growth of 16.7 percent compared to the previous financial year's defence production.
Singh extended congratulations to the Indian industry, including defence public sector undertakings, other public sector undertakings involved in manufacturing defence items, and the private sector for achieving this milestone.