India Achieves Record Growth in Defense Production for 2023-2024
Pic Credit: Daily Pioneer
-Sujata Muguda, Shreyas WebMedia Solutions
16 July 2024: India has reached a remarkable milestone in defense production for the financial year 2023-2024, recording its highest-ever growth in the sector. The total value of defense production soared to approximately ₹1.27 lakh crore, marking a significant increase of 16.7% compared to the previous year.
This achievement is largely credited to the successful implementation of the “Make in India” initiative, which has significantly boosted indigenous defense manufacturing. The initiative has not only enhanced production capabilities but also led to a substantial rise in defense exports, which grew by 32.5%, reaching ₹21,083 crore during the same period.
The Ministry of Defence highlighted the contributions of both public sector undertakings (PSUs) and private companies to this growth. PSUs accounted for about 79.2% of the total production value, while the private sector contributed 20.8%. This collaborative effort underscores the government’s commitment to achieving self-reliance in defense manufacturing and positioning India as a leading global defense hub.
Defense Minister Rajnath Singh praised the industry’s efforts and reiterated the government’s resolve to continue supporting and expanding the defense sector. The consistent growth over the past few years reflects the effectiveness of policy reforms and the improved ease of doing business in India.
This record growth in defense production marks a significant step towards strengthening India’s defense capabilities and economic resilience.