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India on Friday (5 June) said it has achieved the highest-ever growth in indigenous defence production in value terms during FY2023-24 on the back of the successful implementation of the policies and initiatives of the government.
As per the data received from all Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items and private companies, the value of defence production in the country has gone up to a record-high figure of Rs1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year when it was Rs1,08,684 crore.
Of the total value of production in FY24, about 79.2% was contributed by DPSUs/other PSUs and 20.8% by the private sector, an official statement said.
The data shows that in terms of absolute value, both DPSUs/PSUs and the private sector have recorded steady growth in defence production.
The statement said the record production has been achieved due to the policy reforms and initiatives and ease of doing business brought about by the government in the last 10 years with a focus on attaining self-reliance. The indigenisation efforts have been pursued aggressively on a sustained basis, it added.
Moreover, spiralling defence exports have contributed tremendously to the overall growth in indigenous defence production. It may be recalled that defence exports touched a record-high of Rs21,083 crore in FY2023-24, a growth of 32.5% over the last fiscal when the figure was Rs15,920 crore.
Lauding India’s highest-ever growth registered in 2023-24 in defence production, Prime Minister Narendra Modi said his government is “fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub.”
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