In a first, India's defence production crosses Rs 1 lakh crore mark in FY23; registers 12% growth
"The value of defence production in Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever," the Defence Ministry said in a statement.
FollowNew Delhi: In a major milestone, the government of India on Friday said that the country's defence production reported a 12 per cent growth and crossed Rs 1 lakh crore mark for the first time in the financial year 2022-23.
"The value of defence production in Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever," the Defence Ministry said in a statement.
"The current value of defence production in FY 2022-23 is a rise of more than 12 per cent over FY 2021-22 when the figure was Rs 95,000 crore," the ministry added.
The defence ministry said that the number will go further up once the data is received from the remaining private defence industries.
“The Government is continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country,” the ministry added.
The ministry has attributed to several policies undertaken by the Narendra Modi government, the industries, including MSMEs and start-ups.
"A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain," it said.
According to the ministry, these policies have made it easier for businesses, including MSMEs and start-ups, to participate in the design, development, and production of defence products.
In the last 7-8 years, the government has granted nearly 200 per cent more defence licences to businesses. The ministry also stated that these actions have greatly increased employment prospects and strengthened the nation's defence industrial production ecosystem.
“These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities," it said.
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