India’s defence production value crosses Rs 1 lakh crore mark for first time in FY23

New Delhi, May 19 (KNN) The value of defence production in Financial Year (FY) 2022-23 crossed Rs 1 lakh crore for the first time ever, according to an official statement from the Ministry of Defence.

At present, the value of the defence production stands at Rs 1, 06,800 crore and it will go further up once the data is received from the remaining private defence industries, it said.

The current value of defence production in FY 2022-23 has witnessed a jump of over 12 per cent from FY 2021-22, where the figure was Rs 95,000 crore.

The ministry added that the government is continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country.

A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain, it added.

Due to centre’s consistent efforts, the industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing and there is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years by the government.

These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.  (KNN Bureau)