Defence Production : Report
India recorded its highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, the defence ministry announced recently.
- As per the data received from all Defence Public Sector undertakings (DPSUs), other PSUs manufacturing defence items, and private companies, the value of defence production in the country has gone up to a record-high figure of ₹1,26,887 crore during the Financial Year (FY) 2023-24.
- It reflects a growth of 16.7% over the defence production of the previous financial year. The value of defence production in FY 2022-23 was ₹1,08,684 crore.
- Of the total value of production in 2023-24, 2% was contributed by DPSUs and other PSUs and the remaining 20.8% by the private sector.
- The value of defence production has grown by more than 60% since 2019-20, when it stood at ₹79,071 crore.
- India produces a raft of weapons and systems, including the Tejas light combat aircraft (LCA), different types of helicopters, warships, tanks, artillery guns, warships, missiles, rockets, and a variety of military vehicles.
- Defence exports also reached a record high of Rs 21,083 crore in FY 2023-24, reflecting a 32.5 percent growth over the previous fiscal’s Rs 15,920 crore.
- India is currently exporting military hardware to around 85 countries.
