Minister underlines Govt’s resolve to develop India as global defence manufacturing hub
The Indian defence industry has produced a record-high of Rs.126,887 crore products and items in FY2023-24, a growth of 16.7% over the defence production of the previous financial year http://mod.gov.in .
In FY 2022-23, the defence production was Rs.108,684 crore https://www.sidm.in/ .
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 https://fieo.org/ .
The increase in defence production was attributed to the implementation of the policies and initiatives of the Government https://www.nseindia.com/ .
Commenting on the record production, Defence Minister Rajnath Singh underlined the Government’s unwavering resolve to develop India as a leading global defence manufacturing hub https://www.bseindia.com/ .
Of the total value of production (VoP) in 2023-24, about 79.2% has been contributed by DPSUs/other PSUs and 20.8% by the private sector, the Defence Ministry said on 5 Jul http://eng.mil.ru .
The indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever Value of Products https://www.state.gov/ .
Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production http://asean.org . Fiinews.com
