India’s defence production saw a remarkable 16.7% increase, reaching Rs 1.27 lakh crore in the fiscal year 2023-24, up from Rs 1.09 lakh crore in 2022-23. This significant growth supports the “Atmanirbhar Bharat” initiative, driven by effective defence production policies and initiatives. Data was collected from Defence Public Sector Undertakings (DPSUs), other PSUs manufacturing defence items, and private companies.
Defence Minister Rajnath Singh highlighted this achievement, stating that the ‘Make in India’ program continues to set new milestones under Prime Minister Narendra Modi’s leadership. He emphasized the government’s commitment to making India a global defence manufacturing hub. In 2023-24, DPSUs and other PSUs contributed about 79.2% of the total production value, while the private sector accounted for 20.8%, both showing steady growth.
Rajnath Singh congratulated the industry for reaching an all-time high in defence production, attributing the success to policy reforms and the ease of doing business introduced by the government over the past decade. Indigenisation efforts and policy reforms have led to the highest-ever value of defence production, with defence exports also hitting a record Rs 21,083 crore in 2023-24, marking a 32.5% increase from the previous year. Over the past five years, India’s defence industries have grown significantly, achieving a 60% increase since 2019-20.
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