As Defense Minister Rajnath Singh put it, this is a historical mark that has been achieved with the ceiling for the fiscal year of 2023-24 set at Rs 1.27 lakh crore compared to Rs 1,08,684 crore for the previous year. These are the words as the defence minister was presenting the achievements previewing the success of "Make in India" in transforming of the nation to attain the status of a hub of Global defense Manufacturers.
In a statement put out on social media platform X, Singh underscored that the government was committed to creating an enabling atmosphere to ensure that the potential of the Indian defence production sector was enhanced. The ministry noted that the value of growth in indigenous defence production during FY 2023-24 was the highest ever, signaling effective implementation of policies of the government towards self-reliance or 'Aatmanirbharta'.
According to the statement from the ministry, the information gathered from the DPSUs, other PSU makers of defence equipment, and private companies portrayed the highest value on record of the country's defence production at Rs 1,26,887 crore, showing a growth of 16.7% compared to the previous fiscal year. Singh praised the Indian defence industrial base, which had been working under the leadership of Prime Minister Narendra Modi, for the achievement.
“The indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever VoP. Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production,” the statement said.
The release also highlighted the continued efforts of the government toward indigenization, which substantially raised defence exports to an all-time record of Rs 21,083 crore in FY 2023-24, up 32.5% from Rs 15,920 crore in the last fiscal. Defence productions have grown at an average of more than 60% from 2019-20 onwards, states the report of the ministry.
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