Rapid Fire
Indigenous Defence Production Hits Record
- 09 Jul 2024
- 2 min read
Recently, India's indigenous defense production reached a record high of Rs 1.27 lakh crore in 2023-24, a growth of 16.7% over the FY 2022-23.
- The value of defense production in FY 2022-23 was Rs 1.08 lakh crore.
- India's annual defense production target is set to reach Rs 3 lakh crore by 2028-29.
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79.2% of the total value of production came from Defence Public Sector Undertakings (DPSUs) and other PSUs, while 20.8% was from the private sector.
- The growth in defense production value has been over 60% since 2019-20.
- Defense exports grew by 32.5% from Rs 15,920 crore in FY 2022-23 to reach Rs 21,083 crore in 2023-24. It is expected to reach Rs 50,000 crore by 2028-29.
- The defence budget for 2024-25 has been allocated Rs 6.21 lakh crore. Capital acquisition projects worth over Rs 4,35,000 crore have been approved in 2023-24.
- 75% of the capital acquisition budget has been earmarked for procurement from local companies.
- The significant growth in the Indian defence sector is attributed to policy reforms, Ease of Doing Business initiatives, and comprehensive digital solutions, reflecting global acceptance of Indian defense products and technologies.
Read More: Defence Exports Touch Record High.
