India's Defence production reaches record ₹1.27 lakh crore

India achieved its highest-ever local defence production value in the financial year 2023-24, reaching nearly ₹1.27 lakh crore. Defence Minister Rajnath Singh announced this on Friday, crediting enabling policy measures for the significant growth. The production value increased by 16.8% compared to the previous year. Prime Minister Narendra Modi praised the development, emphasizing India's goal of becoming self-reliant in defence manufacturing.

Contribution and Government support

Of the total production value, 79.2% came from defence public sector undertakings (DPSUs) and other public sector units (PSUs), while the private sector contributed 20.8%. The increase in production is part of the Make in India program, which aims to enhance domestic manufacturing capabilities. Singh congratulated the industry for this achievement and reiterated the government's commitment to creating a favorable environment for India to become a leading global defence manufacturing hub.

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India produces various military equipment, including the Tejas light combat aircraft, helicopters, warships, tanks, artillery guns, missiles, rockets, and military vehicles. The government's policy reforms and ease of doing business over the past decade have significantly contributed to this growth.

Record defence exports

India's defence exports also reached a record high of ₹21,083 crore in FY 2023-24, reflecting a 32.5% increase from the previous year’s ₹15,920 crore. The total value of defence production has grown by more than 60% since 2019-20, when it was ₹79,071 crore. The country aims for a turnover of ₹1.75 lakh crore in defence manufacturing in FY 2024-25.

India exports military hardware to about 85 countries, including missiles, artillery guns, rockets, armoured vehicles, patrol vessels, protective gear, radars, surveillance systems, and ammunition. The government's aggressive indigenization efforts and record-high defence exports have greatly contributed to the overall growth in local defence production. Prime Minister Modi expressed his commitment to further enhancing India’s defence capabilities and achieving self-reliance.

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