The Union Minister's statement came as the Ministry of Defense achieved the highest ever growth in local defense production in terms of value during the financial year (FY) 2023-24, thanks to successful implementation of policies and initiatives of the government. , led by Prime Minister Narendra Modi, focusing on achieving 'Aatmanirbharta'.
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 1,26,887 million of rupees, reflecting growth. 16.7 percent compared to the defense production of the previous year. The value of defense production in fiscal year 2022-23 was Rs 1,08,684 crore.
Acknowledging the achievement through a post on
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. Defense Minister Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defense items and private industry for taking defense production to an all-time high.
“The feat was achieved thanks to the policy reforms/initiatives and ease of doing business introduced by the government in the last 10 years with a focus on achieving self-reliance. Indigenization efforts have been carried out aggressively and sustainably, resulting in the highest VoP in history. Furthermore, spiraling defense exports have contributed immensely to the overall growth of local defense production,” the Defense Ministry said in a statement.
It may be recalled that defense exports touched 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. .
In the last five years, the value of defense production has been increasing steadily and has grown over 60 per cent from Rs 79071 crore in 2019-20 to Rs 126887 crore in 2023-24.
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 1,26,887 million of rupees, reflecting growth. 16.7 percent compared to the defense production of the previous year. The value of defense production in fiscal year 2022-23 was Rs 1,08,684 crore.
Acknowledging the achievement through a post on
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. Defense Minister Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defense items and private industry for taking defense production to an all-time high.
“The feat was achieved thanks to the policy reforms/initiatives and ease of doing business introduced by the government in the last 10 years with a focus on achieving self-reliance. Indigenization efforts have been carried out aggressively and sustainably, resulting in the highest VoP in history. Furthermore, spiraling defense exports have contributed immensely to the overall growth of local defense production,” the Defense Ministry said in a statement.
It may be recalled that defense exports touched 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. .
In the last five years, the value of defense production has been increasing steadily and has grown over 60 per cent from Rs 79071 crore in 2019-20 to Rs 126887 crore in 2023-24.
