New Delhi: The country’s defence industry has achieved the highest-ever growth in value terms during the financial year 2023-24, said a Ministry of Defence press statement.
According to data from all defence public sector undertakings (DPSUs), other PSUs manufacturing defence items, and private companies, the value of defence production rose to Rs 1,26,887 crore. This is a 16.7% increase in defence production from the previous fiscal year (FY) 2022-23 when the value of production was Rs 1,08,684 crore.
The July 5 Ministry of Defence statement said that the growth in defence production was driven by the successful implementation of policies and initiatives under the Make in India initiative. The Make in India programme aims to promote domestic manufacturing of defence equipment and supplies to reduce dependence on imports.
According to the Ministry of Defence, the defence industry has been growing at a steady pace since 2019-20 and has recorded a growth of over 60% during the last five years. The growth in defence production is linked to the expansion of defence facilities and the production of advanced instruments and equipment. The defence industry is one of the key drivers of economic growth and technological advancement in India.
The Make in India initiative has been instrumental in transforming the defence industry by making it more competitive at the global level. The programme has also contributed to the creation of new jobs and opportunities for the youth. It is expected that the Make in India initiative will continue to promote the growth of the defence industry in the coming years and make India a global leader in defence manufacturing.