Bharat’s annual defence production soared to a record high of approximately ₹ 1.27 lakh crore in the financial year 2023-24, driven by the Make in India initiative, announced Defence Minister Rajnath Singh. This marks a significant increase from the ₹ 1,08,684 crore recorded in FY 2022-23.
Prime Minister Narendra Modi lauded the achievement, saying, “Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish Bharat as a leading global defence manufacturing hub. This will enhance our security apparatus and make us Aatmanirbhar!” he shared on X.
Defence Minister Rajnath Singh highlighted the government’s dedication to encouraging a conducive environment for establishing Bharat as a premier global defence manufacturing hub.
“The Defence Ministry has achieved the highest-ever growth in indigenous defence production in value terms during FY 2023-24, thanks to the successful implementation of government policies and initiatives focused on achieving Aatma Nirbharta’,” he said in a statement.
The ministry reported that defence production in the country reached ₹ 1,26,887 crore in 2023-24, reflecting a growth of 16.7 per cent over the previous year. This figure includes contributions from Defence Public Sector Undertakings (DPSUs), other public sector units (PSUs), and private companies.
Singh congratulated the Indian defence industry for this milestone, acknowledging both public and private sectors. “The Make in India programme is crossing new milestones each year under the leadership of PM Narendra Modi,” he stated.
The Defence Ministry further detailed that DPSUs and other PSUs contributed 79.2 per cent of the total production value, while the private sector accounted for 20.8 per cent. Both sectors have shown steady growth in absolute value terms.
The remarkable increase in defence production is attributed to policy reforms, ease of doing business, and a strong focus on self-reliance over the past decade. The ministry also highlighted the significant rise in defence exports, which hit a record ₹ 21,083 crore in FY 2023-24, marking a 32.5 per cent growth from ₹ 15,920 crore the previous year.
Over the last five years, the value of defence production in Bharat has increased by over 60 per cent, underscoring the consistent growth and the success of ongoing indigenisation efforts.
