Annual defence production hits a record high of approx. US$ 15.21 billion (Rs. 1.27 lakh crore) in FY24

The Ministry of Defence reported the highest-ever growth in Indigenous defence production value during FY24, propelled by effective government policies aimed at achieving ‘Aatmanirbharta.’ Under Prime Minister Mr. Narendra Modi's leadership, India's defence production reached a record high of US$ 15.20 billion (Rs. 1,26,887 crore), reflecting a robust growth of 16.7% from the previous fiscal year's US$ 13.02 billion (Rs. 1,08,684 crore). Defence Minister Mr. Rajnath Singh praised this achievement, highlighting the ongoing success of the ‘Make in India’ initiative in bolstering national defence capabilities year after year. He reiterated the government's commitment to advancing India as a prominent global defence manufacturing hub.

In FY24, Defence Public Sector Undertakings (DPSUs) and other Public Sector Undertakings (PSUs) contributed 79.2% to the total production value, with the private sector contributing 20.8%. Both sectors demonstrated steady growth in absolute production value. This milestone underscores the impact of comprehensive policy reforms and initiatives introduced over the past decade to promote self-reliance in defence manufacturing. Aggressive indigenization efforts and a notable increase in defence exports, reaching US$ 2.53 billion (Rs. 21,083 crore), have significantly bolstered India's defence production capabilities. Over the past 5 years, from 2019-20 onwards, the value of defence production has consistently risen, registering cumulative growth of over 60%.

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