New Delhi: India's annual defense output hit a record high of about Rs 1.27 lakh crore in 2023-24, with the Make in India program crossing new milestones, Defense Minister Rajnath Singh said on Friday.
The value of defense production in fiscal year 2022-23 was Rs 1,08,684 crore, he added.
In a post on
"The Ministry of Defense has achieved the highest historical growth in local defense production in value terms during the fiscal year (FY) 2023-24, thanks to the successful implementation of government policies and initiatives, led by the Prime Minister Narendra Modi, focusing on achieving 'Aatmanirbharta'," the Defense Ministry said in a statement on Friday.
Annual defense production hit a record high of about Rs 1.27 lakh crore in 2023-24, he said.
“According to data received from all defense public sector undertakings (DPSUs), other PSUs manufacturing defense items and private companies, the value of defense production in the country has increased to a record figure, i.e. , 1,26,887 crore, reflecting a growth of 16.7 per cent over the defense production of the previous financial year," the statement said.
Singh congratulated the Indian industry, including defense public sector undertakings and other public sector undertakings manufacturing defense articles, and the private industry for the feat.
"The Make in India program is reaching new milestones, year after year, under the leadership of Prime Minister Shri @narendramodi," he said.
"India has recorded the highest ever growth in defense production value in 2023-24. The production value reached Rs 1,26,887 crore in 2023-24, which is 16.8 per cent higher than the production value of the previous year's finances," he wrote in X.
The defense ministry said that "of the total value of production (VoP) in 2023-24, around 79.2 per cent has been contributed by DPSU/other PSUs and 20.8 per cent by the private sector."
The data shows that in absolute value terms, both DPSUs/PSUs and the private sector have recorded steady growth in defense production, the statement said.
The feat has been achieved thanks to policy reforms and initiatives and ease of doing business introduced by the government in the last 10 years, focusing on achieving self-reliance, the ministry said.
"Indigenization efforts have been carried out aggressively on a sustained basis, resulting in the highest VoP in history. Furthermore, the spiraling defense exports have contributed immensely to the overall growth of local defense production," it says the notice.
Defense exports hit a record Rs 21,083 crore in fiscal year 2023-24, reflecting a growth of 32.5 per cent over the last fiscal year when the figure was Rs 15,920 crore, he added. .
In the last five years (since 2019-20), the value of defense production has increased steadily and has grown by more than 60 per cent, the statement said and also shared annual data in this period.
The value of defense production in fiscal year 2022-23 was Rs 1,08,684 crore, he added.
In a post on
"The Ministry of Defense has achieved the highest historical growth in local defense production in value terms during the fiscal year (FY) 2023-24, thanks to the successful implementation of government policies and initiatives, led by the Prime Minister Narendra Modi, focusing on achieving 'Aatmanirbharta'," the Defense Ministry said in a statement on Friday.
Annual defense production hit a record high of about Rs 1.27 lakh crore in 2023-24, he said.
“According to data received from all defense public sector undertakings (DPSUs), other PSUs manufacturing defense items and private companies, the value of defense production in the country has increased to a record figure, i.e. , 1,26,887 crore, reflecting a growth of 16.7 per cent over the defense production of the previous financial year," the statement said.
Singh congratulated the Indian industry, including defense public sector undertakings and other public sector undertakings manufacturing defense articles, and the private industry for the feat.
"The Make in India program is reaching new milestones, year after year, under the leadership of Prime Minister Shri @narendramodi," he said.
"India has recorded the highest ever growth in defense production value in 2023-24. The production value reached Rs 1,26,887 crore in 2023-24, which is 16.8 per cent higher than the production value of the previous year's finances," he wrote in X.
The defense ministry said that "of the total value of production (VoP) in 2023-24, around 79.2 per cent has been contributed by DPSU/other PSUs and 20.8 per cent by the private sector."
The data shows that in absolute value terms, both DPSUs/PSUs and the private sector have recorded steady growth in defense production, the statement said.
The feat has been achieved thanks to policy reforms and initiatives and ease of doing business introduced by the government in the last 10 years, focusing on achieving self-reliance, the ministry said.
"Indigenization efforts have been carried out aggressively on a sustained basis, resulting in the highest VoP in history. Furthermore, the spiraling defense exports have contributed immensely to the overall growth of local defense production," it says the notice.
Defense exports hit a record Rs 21,083 crore in fiscal year 2023-24, reflecting a growth of 32.5 per cent over the last fiscal year when the figure was Rs 15,920 crore, he added. .
In the last five years (since 2019-20), the value of defense production has increased steadily and has grown by more than 60 per cent, the statement said and also shared annual data in this period.
