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Record Defence Manufacturing in FY - 2023-24.

India -the new defence manufacturing hub.















India is the rising defence manufacturing hub.

The Government is committed to reduce its dependency on imported defence equipments to ensure national safety and to boost self - reliance. Till now India imported simple defence items which can be made indigenously. But , now the scenario is changing. The Government has launched many initiative like make in India to enhance indigenous manufacturing. The indigenous defence production rose to a record high value of Rs. 1.27 lakh crore in
 FY-2023-24. This shows a growth of 16.7% over the defence production of the previous FY-2022-23. This growth is over 60% since 2019-20, when defence production stood at 79071 crore.
79.2% of the total value of the production in 2023-24, came from Defence Public Sector Undertaking and other PSUs and 20.8% came from the private sector.
The biggest benefit of this increased  indigenous production is that it increased the defence exports. India now changing from defence items importing country to a defence items exporting country. India's defence exports valued at Rs. 21083 crore in FY-2023-24, which is 32.5% over Rs 15920 crore in the previous fiscal.
"This milestone is achieved by robust policy framework, investment in research and development, public - private partnership and our strategic focus on self - reliance" said Rudra Shriram, the chair of defence committee at industry body PHDCCI and DCM Shriram industries.
This growth will enhance national security, drives economic progress, job creation, technological advancements and will help in fostering indigenous defence capabilities.
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