Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during FY 2023-24
Annual Defence Production Hits Record High in FY 2023-24
Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during FY 2023-24, on the back of successful implementation of the policies and initiatives of the Government, led by PM Narendra Modi.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% over the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 crore.
Of the total value of production in 2023-24, about 79.2% has been contributed by DPSUs/other PSUs and 20.8% by the private sector. The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production.
The feat has been achieved due to the policy reforms/initiatives and ease of doing business brought in by the Government in the last 10 years with focus on attaining self-reliance.
Annual Defence Production Hits Record High
Defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore. The defence Industry, including the private sector and DPSUs have made tremendous efforts in achieving the highest-ever defence exports. The private sector and the DPSUs have contributed about 60% and 40% respectively.
In addition, there has been a rise in the number of export authorisations issued to the defence exporters during FY 2023-24. From 1,414 export authorisations in FY 2022-23, the number jumped to 1,507 in FY 2023-24. Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to Rs 88,319 crore in the period from 2014-15 to 2023-24.
