Defense Production Hits All-Time High: ₹1.27 Lakh Crore in 2023-24, Up 16.8% from Last Year

Defense Minister Rajnath Singh announced on Friday that the defense production in India witnessed the highest increase ever in the fiscal year 2023-24, which is 16.8% higher than the previous fiscal year.

He stated that in 2023-24, defense production amounted to ₹1,26,887 crore, compared to ₹1,08,684 crore previously. The government is promoting ‘Make in India’ to develop the country into a leading global defense manufacturing hub.

Rajnath Singh remarked on this achievement, noting that the Make in India program continues to reach new milestones each year. Prime Minister Narendra Modi congratulated everyone on this accomplishment, saying it will enhance our security system.

India manufactures a range of weapons and equipment, including the Tejas LCA, various types of helicopters, warships, tanks, artillery, missiles, rockets, and numerous military vehicles.

PM Modi’s Encouraging Post

Following Rajnath Singh’s post on X, Prime Minister Narendra Modi also posted on X, describing it as an encouraging development. Modi congratulated all those who contributed to this achievement.

“We are committed to further enhancing our capabilities and establishing India as a leading global defense manufacturing center. This will strengthen our defense system and make us self-reliant,” Modi said.

Crossing the ₹1 Lakh Crore Mark for the First Time

In the fiscal year 2022-23, our defense production was ₹1.09 lakh crore. For the first time in 2022-23, production crossed the ₹1 lakh crore mark.

According to a statement from the Ministry of Defense (MoD), this data is derived from all government sector defense enterprises, various PSUs producing goods for the defense sector, and private sector companies.

Record Production Milestone

Achieving record production means that the country’s defense ecosystem covers more than 40% of the central government’s annual production target of ₹3 lakh crore by the fiscal year 2028-29.

Over 60% Increase in Production in the Last Five Years

Defense production in the country has been consistently increasing over the past five years, with a growth of more than 60% during this period. DPSUs and other PSUs contributed 79.2% to production in the previous fiscal year 2023-24, while the private sector accounted for the remaining 20.8%.

India: The Largest Arms Importer in the Last Decade

The government stated, “We are trying to reduce our reliance on imports from countries like Russia. India has been the world’s largest arms importer over the last decade. The country depends on Russia for nearly half of its military supplies.”

India: The World’s Largest Arms Importer

India is the world’s largest arms importer, with France being the second-largest in terms of sales. Over the last five years, India has purchased the most weapons globally. This information emerged from a report published by the Stockholm International Peace Research Institute (SIPRI) on Monday. According to the report, India’s arms purchases increased by 4.7% over five years.