Boost to Atmanirbhar Bharat: India's defence production surges to record Rs 1.27 lakh cr in FY 2023-24

India's defence production surged by 16.7% to Rs 1.27 lakh crore in the fiscal year 2023-24, up from Rs 1.09 lakh crore in 2022-23, marking a significant boost to the government’s "Atmanirbhar Bharat" campaign.

Anish Kumar

First Published Jul 5, 2024, 12:11 PM IST

New Delhi: India's defence production surged by 16.7% to Rs 1.27 lakh crore in the fiscal year 2023-24, up from Rs 1.09 lakh crore in 2022-23, marking a significant boost to the government’s "Atmanirbhar Bharat" campaign.

This growth is attributed to the successful implementation of defence production policies and initiatives. Data was collated from Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items, and private companies to achieve this record-high figure.

Acknowledging the achievement through a post on X, Defence Minister Rajnath Singh said, “The ‘Make in India’ programme is crossing new milestones, year after year, under the leadership of Prime Minister Narendra Modi.”

“He voiced the Government’s unwavering resolve to develop India as a leading global defence manufacturing hub,” he added.

In the fiscal year 2023-24, defence public sector undertakings and other PSUs contributed approximately 79.2% of the total production value, while the private sector contributed 20.8%.

“The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production,” an official statement said.

Further, Rajnath Singh congratulated the industry, including DPSUs, other PSUs manufacturing defence items and the private industry for taking the defence production at an all-time high.

“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," the Defence Minister said.

Aggressive and sustained indigenisation efforts have led to the highest-ever value of defence production. Additionally, defence exports reached a record-high of Rs 21,083 crore in 2023-24, marking a 32.5% increase from the previous fiscal year's Rs 15,920 crore.

Over the past five years since 2019-20, India’s defence industries have experienced significant growth, achieving a 60% increase. In the fiscal year 2019-20, the production value stood at Rs 79,071 crore.

Last Updated Jul 5, 2024, 12:11 PM IST