India’s annual defence production has hit a record high of approximately Rs 1.27 lakh crore in 2023-24, with the Make in India programme crossing new milestones, Defence Minister Rajnath Singh said on Friday.
The value of defence production in FY 2022-23 was Rs 1,08,684 crore, it added.
In a post on X, Singh also said that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.
“The Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during financial year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the government, led by Prime Minister Narendra Modi, focussing on achieving ‘Aatmanirbharta’,” the defence ministry said in a statement on Friday.
The annual defence production has hit a record high of approximately Rs 1.27 lakh crore in 2023-24, it said.
“As per the data received from all Defence Public Sector undertakings (DPSUs), other PSUs manufacturing defence items and private companies, the value of defence production in the country has gone up to a record-high figure, i.E., Rs 1,26,887 crore, reflecting a growth of 16.7 per cent over the defence production of the previous financial year,” the statement said.