New Delhi, India’s annual defense production reached a record high of approximately ₹1.27 lakh crore in 2023-24, with the Make in India program achieving new milestones, Defence Minister Rajnath Singh announced on Friday.
In FY 2022-23, the value of defense production was ₹1,08,684 crore.
On social media platform X, Singh emphasized the government’s dedication to fostering a conducive environment for making India a leading global defense manufacturing hub.
“The Ministry of Defence has achieved the highest-ever growth in indigenous defense production in value terms during the financial year 2023-24, due to the successful implementation of government policies and initiatives led by Prime Minister Narendra Modi, focused on achieving ‘Aatmanirbharta’,” the defense ministry stated on Friday.
Defense production reached an all-time high of approximately ₹1.27 lakh crore in 2023-24.
“According to data from all Defense Public Sector Undertakings, other PSUs manufacturing defense items, and private companies, the value of defense production in the country rose to a record ₹1,26,887 crore, reflecting a growth of 16.7 percent over the previous financial year,” the statement detailed.
Singh congratulated the Indian defense industry, including public sector undertakings and private companies, for this accomplishment.
“The Make in India program continues to set new records under the leadership of PM Shri @narendramodi,” he posted.
“India has seen the highest ever growth in the value of defense production in 2023-24. The value of production reached ₹1,26,887 crore, which is 16.8 percent higher than the previous financial year,” Singh wrote on X.
The defense ministry highlighted that “of the total value of production in 2023-24, about 79.2 percent has been contributed by DPSUs/other PSUs and 20.8 percent by the private sector.”
Both DPSUs/PSUs and the private sector have shown steady growth in defense production, according to the statement.
This achievement results from policy reforms, initiatives, and ease of doing business introduced by the government over the past decade, focusing on self-reliance, the ministry explained.
“The sustained and aggressive pursuit of indigenization efforts has led to the highest ever VoP. Additionally, significant growth in defense exports has contributed to the overall increase in indigenous defense production,” the statement added.
Defense exports hit a record high of ₹21,083 crore in FY 2023-24, a 32.5 percent increase over the previous fiscal year’s ₹15,920 crore.
Over the past five years, the value of defense production has steadily increased by over 60 percent, the statement noted, providing year-wise data for the period.
