India's Defence Production Value Has Reached All-Time High: Rajnath Singh

India's defence production value reached an all-time high in 2023-24, surging by 16.8% to Rs. 1,26,887 crore.

Rajnath Singh said the country took a significant leaps under the 'Make in India' initiative (Image: PTI)

Defence Minister Rajnath Singh on Friday said that India has reached the highest-ever growth in the value of defence items' production in 2023-24. He said the country took a significant leaps under the 'Make in India' initiative and production values surged from the fiscal year 2022-2023 by 16.8 per cent to Rs. 1,26,887 crores in FY 2023-2024.

"The Make in India programme is crossing new milestones, year after year, under the leadership of PM Narendra Modi. India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in 2023-24 which is 16.8% higher than the value of production of previous financial year. Many congratulations to our industry including DPSUs, other PSUs manufacturing defence items and the Private industry.  The Government is committed to create more conducive regime for developing India as leading Global Defence Manufacturing Hub," the Minister said in a post on X.

The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri @narendramodi.

India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in…

— Rajnath Singh (@rajnathsingh) July 5, 2024

Replying to Singh's post, Prime Minister Narendra Modi congratulated the Defence Ministry for the feat sand said, "Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our security apparatus and make us Aatmanirbhar!"

Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our… https://t.co/ddNvNzPFKD

— Narendra Modi (@narendramodi) July 5, 2024

The value of defence production in FY 2022-23 was Rs 1,08,684 crore, the Defence Ministry said.

As per an official release, of the total value of production (VoP) in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8 per cent by the private sector.

"The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production," it said.

As per the Defence Ministry, 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 indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever VoP. Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production. It may be recalled that defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore," the MInistry added.