At ₹1.27 lakh crore, India’s defence production hits a new high
India produces a raft of weapons and systems including the Tejas light combat aircraft, different types of helicopters, warships and tanks
NEW DELHI: India recorded the highest ever growth in the value of local defence production in the financial year 2023-24 on the back of enabling policy measures, with the figure reaching almost ₹1.27 lakh crore, defence minister Rajnath Singh announced on Friday.
The development, hailed by Prime Minister Narendra Modi, comes at a time when the country is pursuing an ambitious agenda for achieving self-reliance in the defence manufacturing sector.
Of the total value of production in 2023-24, 79.2% was contributed by defence public sector undertakings and other PSUs, and the remaining 20.8% by the private sector, the defence ministry said in a statement.
The value of defence production is around 17% higher than in the previous financial year.
The Make in India programme is crossing new milestones, year after year, Singh said on X. “The value of production has reached ₹1,26,887 crore in 2023-24 which is 16.8% higher than the value of production in the previous financial year. Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the private industry. The Government is committed to create more conducive regime for developing India as leading Global Defence Manufacturing Hub,” his post said.
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