India’s defence production reaches record high in FY 2023-24
India's annual defence production is set to reach a record high of about ₹1.27 lakh crore in 2023-24 as the Make in India programme crosses new milestones, according to the Defence Ministry. The Defence Ministry has achieved the highest ever growth in indigenous defence production in terms of value during FY 2023-24. It said the value of defence production in FY 2022-23 was ₹1,08,684 crore.
This achievement has been achieved due to various policy reforms/initiatives undertaken by the Government during the last 10 years with a focus on achieving self-reliance and ease of doing business initiatives. Indigenisation efforts have been aggressively pursued on a sustained basis, resulting in the highest ever VOP. In addition, rising defence exports have contributed tremendously to the overall growth of indigenous defence production. Worthy of note here is the fact that during the financial year 2023-24, defence exports touched a record high of Rs 21,083 crore, registering a growth of 32.5 per cent over the previous financial year. Last year, the figure was Rs 15,920 crore.