Lagatar24 Desk
New Delhi: India’s defence manufacturing sector has achieved a remarkable milestone, witnessing a 16.8% increase in the fiscal year 2023-24, according to Defence Minister Rajnath Singh. This growth represents the highest-ever recorded in the country’s defence production value, signaling significant progress under the “Make in India” initiative.
Announcing the news on Friday, Singh highlighted that the total value of defence production reached Rs 1,26,887 crore this year, up from the previous fiscal year’s figures. “The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri Narendra Modi. India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached Rs 1,26,887 crore in 2023-24, which is 16.8% higher than the value of production in the previous financial year,” Singh said in a post on X (formerly Twitter).
Singh congratulated both Public Sector Undertakings (PSUs) and the private sector for their contributions to this milestone, reaffirming the government’s commitment to developing India as a leading global defence manufacturing hub under Prime Minister Narendra Modi’s leadership. “Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the private industry. The Government is committed to creating a more conducive regime for developing India as a leading Global Defence Manufacturing Hub,” the minister added.
The central government has set an ambitious target of achieving indigenous defence manufacturing worth Rs 1,75,000 crore, including defence exports of Rs 35,000 crore, by the fiscal year 2024-25. This goal reflects India’s strategic push to enhance self-reliance in defence production and expand its presence in the global defence market.
Notably, many global companies have shown intent to share critical defence and aerospace knowledge with India, a move that aligns with several policy reforms aimed at improving the ease of doing business. These reforms include integrating micro, small, and medium enterprises (MSMEs) and startups into the supply chain, further strengthening the defence manufacturing ecosystem.
India’s defence exports have also reached a record Rs 21,083 crore (approximately USD 2.63 billion) in FY 2023-24, reflecting a 32.5% growth from the previous fiscal year, when the figure stood at Rs 15,920 crore. This growth underscores India’s increasing capabilities and competitiveness in the global defence market.
As India continues to bolster its defence manufacturing sector, the country is poised to achieve new heights in self-reliance and international collaboration, setting the stage for sustained growth and innovation in the years to come.
