Defence Production Clocks Rs 1.26 Lakh Crore in 2023-24

ENA Sectors 2024-12-27 17:15:38 New Delhi, Dec 27 (KNN) India's defence sector witnessed unprecedented growth in 2023-24, setting new benchmarks in indigenous production and exports. The total value of domestic defence production soared to Rs 1,26,887 crore, a 16.7 per cent increase over the Rs 1,08,684 crore recorded in FY2022-23, according to data released by the Ministry of Defence (MoD). This remarkable achievement underscores the nation's commitment to self-reliance under the Aatmanirbhar Bharat initiative. Defence public sector undertakings (DPSUs) and other public sector units (PSUs) contributed 79.2 per cent to the total production, while the private sector accounted for 20.8 per cent. Defence exports also touched new heights, reaching Rs 21,083 crore (USD 2.63 billion), reflecting a growth of 32.5 per cent compared to Rs 15,920 crore in FY2022-23. Over the past decade, defence exports have grown 31-fold, with private players contributing 60 per cent and DPSUs 40 per cent in FY2023-24. In a move to further reduce imports and strengthen indigenisation, the Department of Defence Production (DDP) released its fifth Positive Indigenisation List (PIL) in July, covering 346 items. This adds to four earlier lists of 4,666 items, of which 2,972 items worth Rs 3,400 crore in import substitution value have already been indigenised. In total, five PILs targeting DPSUs supplement the Department of Military Affairs five PILs for 509 critical systems, including advanced sensors and ammunition. The MoD has set ambitious targets of achieving Rs 3 lakh crore in defence production and Rs 50,000 crore in exports by 2029. Significant financial backing has bolstered these goals. The Union Budget for FY2024-25 allocated Rs 6.22 lakh crore (USD 75 billion) to the MoD, marking an 18.43 per cent rise from FY2022-23. Of this, Rs 1.72 lakh crore is earmarked for capital acquisitions, with 75 per cent reserved for the domestic industry. These developments not only highlight India's growing prowess in defence manufacturing but also reaffirm its position as a global exporter, advancing strategic autonomy and boosting national security. (KNN Bureau) 40413 https://knnindia.co.in/news/newsdetails/sectors/defence-production-clocks-rs-126-lakh-crore-in-2023-24 2024-12-27 17:15:38 knnindia.co.in Defence Production Clocks Rs 1.26 Lakh Crore in 2023-24