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Home»India»Defence production hits record high of nearly ₹1.27 lakh crore in 2023-24: MoD | Latest News India
India

Defence production hits record high of nearly ₹1.27 lakh crore in 2023-24: MoD | Latest News India

July 6, 2024No Comments3 Mins Read
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New Delhi, India’s annual defence manufacturing has hit a report excessive of roughly ₹1.27 lakh crore in 2023-24, with the Make in India programme crossing new milestones, Defence Minister Rajnath Singh mentioned on Friday.

The Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during financial year 2023-24(HT files ( relevant image ) )
The Ministry of Defence has achieved the highest-ever development in indigenous defence manufacturing in worth phrases throughout monetary 12 months 2023-24(HT recordsdata ( related picture ) )

The worth of defence manufacturing in FY 2022-23 was ₹1,08,684 crore, it added.

In a put up on X, Singh additionally mentioned that the federal government is dedicated to making a extra conducive regime for growing India as a number one world defence manufacturing hub.

“The Ministry of Defence has achieved the highest-ever development in indigenous defence manufacturing in worth phrases throughout monetary 12 months 2023-24, on the again of profitable implementation of the insurance policies and initiatives of the federal government, led by Prime Minister Narendra Modi, focussing on attaining ‘Aatmanirbharta’,” the defence ministry mentioned in an announcement on Friday.

The annual defence manufacturing has hit a report excessive of roughly ₹1.27 lakh crore in 2023-24, it mentioned.

“As per the info acquired from all Defence Public Sector undertakings , different PSUs manufacturing defence objects and personal corporations, the worth of defence manufacturing within the nation has gone as much as a record-high determine, i.e., ₹1,26,887 crore, reflecting a development of 16.7 per cent over the defence manufacturing of the earlier monetary 12 months,” the assertion mentioned.

Singh congratulated the Indian trade, together with defence public sector undertakings and different public sector undertakings manufacturing defence objects, and the personal trade for the feat.

“The Make in India programme is crossing new milestones, 12 months after 12 months, below the management of PM Shri @narendramodi,” he mentioned.

“India has registered the best ever development within the worth of defence manufacturing in 2023-24. The worth of manufacturing has reached to Rs. 1,26,887 crore in 2023-24 which is 16.8 per cent larger than the worth of manufacturing of earlier monetary 12 months,” he wrote on X.

The defence ministry mentioned that of “the overall worth of manufacturing in 2023-24, about 79.2 per cent has been contributed by DPSUs/different PSUs and 20.8 per cent by the personal sector”.

The info exhibits that when it comes to absolute worth, each DPSUs/PSUs and personal sector have recorded a gradual development in defence manufacturing, the assertion mentioned.

The feat has been achieved because of the coverage reforms and initiatives and ease of doing enterprise introduced in by the federal government within the final 10 years with concentrate on attaining self-reliance, the ministry mentioned.

“The indigenisation efforts have been pursued aggressively on a sustained foundation, that resulted within the highest ever VoP. Furthermore, the spiralling defence exports have contributed tremendously to the general development within the indigenous defence manufacturing,” the assertion mentioned.

Defence exports touched a record-high of ₹21,083 crore in FY 2023-24, reflecting a development of 32.5 per cent during the last fiscal when the determine was ₹15,920 crore, it added.

Within the final 5 years , the worth of defence manufacturing has been rising steadily, and grown by over 60 per cent, the assertion mentioned and in addition shared year-wise information on this interval.

This text was generated from an automatic information company feed with out modifications to textual content.

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