India's Defence Production Hits Record ₹1.27 Lakh Crore In FY23-24 With Global Exports To Over 90 Countries

After breaching the ₹1,00,000 crore mark by way of the worth of annual protection manufacturing final 12 months, India has registered its highest-ever progress within the monetary 12 months 2023-24. As per the official knowledge by the protection ministry, in FY 2023-24, the nation’s annual Indigenous protection manufacturing stood at ₹1,26,887 crore, displaying constructive year-on-year (YoY) progress of 16.7 p.c. Within the monetary 12 months 2022-23, the numbers had been ₹1,08,684 crore.

Concerning sectoral contributions, practically 79.2 p.c of the whole worth of manufacturing (VoP) has been contributed by the protection public sector undertakings (DPSU) together with the opposite PSUs. With this, the DPSU and PSU have additionally managed to cross the ₹1,00,000 crore mark. The remaining portion (20.8 p.c) of the VoP has been the contribution of the non-public sector entities.

Defence Minister Rajnath Singh took to X (previously Twitter) to congratulate the trade on its all-time excessive efficiency. He wrote, “The Make in India program is crossing new milestones, 12 months after 12 months, underneath the management of PM Narendra Modi. Congratulations to our trade, together with DPSUs, different PSUs manufacturing protection gadgets, and the non-public trade. The federal government is dedicated to making a extra conducive regime for creating India as a number one international protection manufacturing hub.”

India has registered steady constructive progress within the worth of annual protection manufacturing since 2019-20. The numbers for a similar stood at ₹7,90,71 crore in 2019-20, which now stands at ₹1,26,887 crore, indicating a rise of practically 60 p.c within the final 5 years. Along with this, the nation’s protection exports are additionally seeing an upward pattern because it registered a progress of 32.5 p.c within the FY 2023-24 because the exports jumped from ₹15,920 crores within the final fiscal to ₹21,083 crores in FY 2023-24.