In a significant milestone for India’s defence sector, the country’s Value of defence production reached a record high of approximately Rs 1.27 lakh crore ($15 billion) in the fiscal year 2023-24. This marks a remarkable 16.7% increase from the previous year, reflecting the robust growth and success of the ‘Make in India’ initiative in the defence sector.
The Defence Minister Rajnath Singh announced the achievement, highlighting the crucial role of government policies and initiatives in fostering a conducive environment for defence manufacturing. He stated, “The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri @narendramodi.”
India’s Defence Production Soars to New Heights, Hits Rs 1.27 Lakh Crore in FY 2023-24
According to the Ministry of Defence, the value of defence production in 2023-24 was Rs 1,26,887 crore, which is 16.8% higher than the previous year. Of this, 79.2% was contributed by Defence Public Sector Undertakings (DPSUs) and other PSUs, while the private sector accounted for 20.8%. This breakdown underscores the significant role played by both the public and private sectors in achieving this record high.
The growth in defence production over the last five years has been impressive, with a 60% increase since 2019-20. This achievement is a testament to India’s progress towards self-reliance in defence manufacturing, a key goal of the ‘Make in India’ initiative.
In another significant development, the Indo-Russian Joint Venture delivered 35,000 AK-203 assault rifles to the Indian Army. The joint venture, which aims to assemble and manufacture a total of 6.7 lakh rifles, is targeting 100% indigenization. This project is a prime example of India’s growing capabilities in defence manufacturing and its commitment to reducing reliance on imports.
The surge in India’s defence production to a record high in FY 2023-24 marks a step towards self-reliance and global leadership in the sector. Bolstered by reforms and growth in exports, India is poised to emerge as a force in defence manufacturing, setting the stage for a journey towards economic and national security resilience.
Defence exports also touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal. This growth in exports is a significant achievement and a sign of India’s growing capabilities in the global defence market.
India’s Defence Exports:
India is currently exporting defense equipment to over 85 countries. Some of the major platforms exported this year include:
- Dornier-228
- 155 mm Advanced Towed Artillery Guns
- Brahmos Missiles
- Akash Missile System
- Radars
- Simulators
- Mine Protected Vehicles
- Armored Vehicles
- PINAKA
The government’s commitment to creating a more conducive regime for developing India as a leading global defence manufacturing hub was reiterated by Defence Minister Rajnath Singh. He stated, “The Government is committed to create a more conducive regime for developing India as a leading global defence manufacturing hub.”
The surge in India’s defence production to a record high in FY 2023-24 marks a step towards self-reliance and global leadership in the sector. Bolstered by reforms and growth in exports, India is poised to emerge as a force in defence manufacturing, setting the stage for a journey towards economic and national security resilience.
In conclusion, the record high defence production of Rs 1.27 lakh crore in FY 2023-24 is a significant achievement for India’s defence sector. It reflects the success of the ‘Make in India’ initiative and the government’s commitment to achieving self-reliance in defence manufacturing. With continued efforts and reforms, India is well on its way to becoming a global leader in defence manufacturing.
