{"id":127,"date":"2024-07-06T01:32:03","date_gmt":"2024-07-06T01:32:03","guid":{"rendered":"https:\/\/geeksgrow.com\/?p=127"},"modified":"2025-04-04T18:58:00","modified_gmt":"2025-04-04T13:28:00","slug":"value-of-defence-production","status":"publish","type":"post","link":"https:\/\/geeksgrow.com\/blog\/value-of-defence-production\/","title":{"rendered":"India has Registered the Highest ever Growth in the Value of Defence Production 2023-24"},"content":{"rendered":"\n<p>In a significant milestone for India&#8217;s defence sector, the country&#8217;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 &#8216;Make in India&#8217; initiative in the defence sector.<\/p>\n\n\n\n<p>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, &#8220;The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri @narendramodi.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/AatmanirbharDefence?src=hash&amp;ref_src=twsrc%5Etfw\">#AatmanirbharDefence<\/a> <br><br>India&#39;s Defence production has achieved the highest growth of approx \u20b91.27 lakh cr in FY 2023-24.<br><br> \ud83d\udd3916.8% increase over the previous FY year.<br><br>\ud83d\udd3979.2% contributed by DPSUs\/other PSUs<br><br>\ud83d\udd39 20.8% by the private sector.<br><br>Details \ud83d\udc49\ud83c\udffb <a href=\"https:\/\/t.co\/tFsE9Nx2ZP\">https:\/\/t.co\/tFsE9Nx2ZP<\/a> <a href=\"https:\/\/t.co\/9roGsUP6Wu\">pic.twitter.com\/9roGsUP6Wu<\/a><\/p>&mdash; Defence Production India (@DefProdnIndia) <a href=\"https:\/\/twitter.com\/DefProdnIndia\/status\/1809155878827823466?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>India&#8217;s Defence Production Soars to New Heights, Hits Rs 1.27 Lakh Crore in FY 2023-24<\/strong><\/h2>\n\n\n\n<p>According to the <strong>Ministry of Defence<\/strong>, 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.<\/p>\n\n\n\n<p>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&#8217;s progress towards self-reliance in defence manufacturing, a key goal of the &#8216;Make in India&#8217; initiative.<\/p>\n\n\n\n<p>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&#8217;s growing capabilities in defence manufacturing and its commitment to reducing reliance on imports.<\/p>\n\n\n\n<p>The surge in India&#8217;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.<\/p>\n\n\n\n<p>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&#8217;s growing capabilities in the global defence market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">India&#8217;s Defence Exports:<\/h3>\n\n\n\n<p>India is currently exporting defense equipment to over 85 countries. Some of the major platforms exported this year include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Dornier-228<\/li>\n\n\n\n<li>155 mm Advanced Towed Artillery Guns<\/li>\n\n\n\n<li>Brahmos Missiles<\/li>\n\n\n\n<li>Akash Missile System<\/li>\n\n\n\n<li>Radars<\/li>\n\n\n\n<li>Simulators<\/li>\n\n\n\n<li>Mine Protected Vehicles<\/li>\n\n\n\n<li>Armored Vehicles<\/li>\n\n\n\n<li>PINAKA<\/li>\n<\/ol>\n\n\n\n<p>The government&#8217;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, &#8220;The Government is committed to create a more conducive regime for developing India as a leading global defence manufacturing hub.&#8221;<\/p>\n\n\n\n<p>The surge in India&#8217;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.<\/p>\n\n\n\n<p>In conclusion, the record high defence production of Rs 1.27 lakh crore in FY 2023-24 is a significant achievement for India&#8217;s defence sector. It reflects the success of the &#8216;Make in India&#8217; initiative and the government&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant milestone for India&#8217;s defence sector, the country&#8217;s Value of defence production reached a record high of approximately Rs 1.27&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Value of Defence Production","_yoast_wpseo_title":"Highest ever Growth in Value of Defence Production","_yoast_wpseo_metadesc":"India achieves record growth in Value of defence production for 2023-24. 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