India's Defence Production Records 12% Growth In FY 2022-23, Surpasses Rs 1 Lakh Crore Mark

The Ministry of Defence said that 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.

India's Defence Minister Rajnath Singh. ( Image Source :Getty )

The Ministry of Defence on Friday said that 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 as a result of the ministry’s consistent efforts. According to a statement released by the Defence Ministry, the value currently stands at Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries.

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 statement said. The statement further said, 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.

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 added.

Due to these policies, the industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing. There is almost a 200 per cent increase in the number of defence licenses issued to industries in the last 7-8 years by the Government. These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities, the ministry said.