Economy

Defence production hit Rs 1.27 lakh crore in FY 2023-24, exports cross Rs 21,000 crore

India’s defence production has reached a record Rs 1.27 lakh crore in FY 2023-24, the Ministry of Defence said in a release on Tuesday.

According to the ministry, the defence exports hit a record Rs 21,083 crore in FY 2023-24, expanding 30 times in a decade, with exports to 100+ countries.

As per the ministry, initiatives such as Make in India, which has enabled the development of advanced military platforms including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas have bolstered the growth in the defence production.

The growth has also been bolstered by Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR), as well as naval assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels.

The release added that once dependent on foreign suppliers, the country now stands as a rising force in indigenous manufacturing, shaping its military strength through homegrown capabilities.

The ministry said that the strategic policies have fuelled this momentum, encouraging private participation, technological innovation, and the development of advanced military platforms.

The surge in the defence budget, from Rs 2.53 lakh crore in 2013-14 to Rs 6.81 lakh crore in 2025-26, underlines the nation’s determination to strengthen its military infrastructure.

According to the ministry, 65 per cent of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70 per cent import dependency, showcasing India’s self-reliance in defence.

A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities.

As per the ministry, the private sector plays a crucial role, contributing 21 per cent to total defence production, fostering innovation and efficiency.

The Defence Ministry further added that India targets Rs 3 lakh crore in defence production by 2029, reinforcing its position as a global defence manufacturing hub.

ANI

Ani service

Recent Posts

Union Minister G Kishan Reddy holds inter-ministerial meeting to discuss ways to secure supply chains of rare earth and critical minerals

Union Minister of Coal and Mines G Kishan Reddy on Tuesday held an inter-ministerial meeting…

7 hours ago

India’s largest automobile in-plant railway siding at Maruti Manesar facility starts operation

India's largest automobile in-plant railway siding at Maruti Suzuki's Manesar facility started operation on Tuesday,…

9 hours ago

Google unveils safety charter for India’s AI-led transformation

Google on Tuesday unveiled its Safety Charter for India's AI-led transformation, at the "Safer with…

10 hours ago

Paank report reveals 128 enforced disappearances, 27 killings in Balochistan, urges EU to reassess Pakistan’s GSP+ Status

The human rights organisation of the Baloch National Movement (BNM), Paank, has published its most…

11 hours ago

Israel says it killed Iran’s senior-most military official Ali Shadmani

The Israel Defence Forces (IDF) on Tuesday claimed that it has killed Iran's senior-most military…

12 hours ago

“Indian students in Tehran moved out of city”: MEA asks other Indians in Iran’s capital city to leave

Amid escalating conflict between Iran and Israel, the Ministry of External Affairs (MEA) on Tuesday…

14 hours ago