New Delhi : The Ministry of Defence has reported the highest-ever growth in indigenous defence production for the financial year 2023-24, driven by the successful implementation of government policies and initiatives aimed at achieving ‘Aatmanirbharta’ (self-reliance).
According to data from Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items, and private companies, the total value of defence production has reached a record-high of Rs 1,26,887 crore. This marks a 16.7% increase from the previous year’s figure of Rs 1,08,684 crore.
Defence Minister Rajnath Singh, acknowledging this achievement on X, highlighted the continued success of the ‘Make in India’ programme under Prime Minister Narendra Modi’s leadership. He reiterated the government’s commitment to developing India into a leading global defence manufacturing hub. Of the total value of production in 2023-24, approximately 79.2% came from DPSUs and other PSUs, while the private sector contributed 20.8%. Both sectors have shown steady growth in defence production in absolute terms.
Rajnath Singh congratulated the industry, including DPSUs, other PSUs, and private sector entities, for achieving this milestone. He attributed the success to policy reforms and the ease of doing business initiatives introduced by the government over the past decade, emphasizing the goal of self-reliance. The aggressive and sustained pursuit of indigenization efforts has resulted in the highest-ever value of production.
Additionally, the growth in defence exports has significantly contributed to the overall increase in indigenous defence production. Defence exports reached a record-high of Rs 21,083 crore in FY 2023-24, reflecting a 32.5% increase from the previous fiscal year’s Rs 15,920 crore.
The value of defence production has steadily increased over the past five years, growing by over 60% since 2019-20, according to the press release.
