The Ministry of Defence has achieved the highest-ever growth in Indigenous defence production in value terms during the Financial Year (FY) 2023-24. This success is attributed to the implementation of policies and initiatives aimed at achieving ‘Atmanirbharta’ (self-reliance). According to data from all Defense Public Sector undertakings (DPSUs), other PSUs manufacturing defence items, and private companies, the country’s defence production value has reached a record high of Rs 1,26,887 crore. It reflects a growth of 16.7% in defence production in the previous financial year. The Defence Ministry revealed that the value of defence production in FY 2022-23 was Rs 1,08,684 crore.
In a post on social media platform X, Defence Minister Rajnath Singh acknowledged the achievement, stating that the ‘Make in India’ program, under Prime Minister Narendra Modi’s leadership, is reaching new milestones every year. He emphasised the government’s strong commitment to developing India as a major global defence manufacturing hub.
The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri @narendramodi.
India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in…
— Rajnath Singh (@rajnathsingh) July 5, 2024
In the 2023-24 fiscal year, 79.2% of the total value of production (VoP) has been contributed by DPSUs/other PSUs, while 20.8% has come from the private sector, according to the Ministry of Defence (MoD). The data demonstrates a consistent growth in defence production by both DPSUs/PSUs and the private sector, indicating progress and stability in the industry. The Defence Minister commended the industry, including DPSUs, other PSUs manufacturing defence items, and the private sector for their contributions to this remarkable growth, which has driven defence production to an all-time high.
This accomplishment has been made possible by the government’s policy reforms and initiatives and improvements in the ease of doing business over the past decade. These efforts have been focused on achieving self-reliance.
A statement mentioned, “The aggressive and sustainable pursuit of indigenisation has led to the highest-ever Value of Production (VoP).”
Additionally, the significant increase in defence exports has greatly contributed to the overall growth in indigenous defence production. It’s worth noting that defence exports reached a record high of Rs 21,083 crore in FY 2023-24, reflecting a 32.5% increase compared to the previous fiscal year when the figure was Rs 15,920 crore.
In the last five years (since 2019-20), the value of defence production has been increasing steadily and has grown by over 60%. Following are the year-wise details:
Source: Ministry of Defence
Team BharatShakti
