According to a formal release from the Ministry of Defence (MoD) on Friday, India’s yearly defence production reached a record high of nearly Rs 1.27 trillion (Rs 1,26,887 crore) in FY24, increasing 16.7% over the figure of almost Rs 1.09 trillion (Rs 1,08,684 crore) the year before.
The information gathered from all defense public-sector undertakings (DPSUs), additional PSUs producing defense-related products, and private enterprises supports this.
The MoD stated that the value of defence production, which has been rising gradually over the last five years (since FY20), has increased by more than 60%.
The press release stated, “On the back of the successful implementation of the policies and initiatives of the government focusing on achieving ‘Aatmanirbharta’ (self-reliance), the MoD has achieved the highest-ever growth in indigenous defence production in value terms during FY24.”
Defence Minister Rajnath Singh acknowledged the accomplishment in a post on social media platform X, saying that Prime Minister Narendra Modi’s “Make in India” initiative consistently reached new benchmarks. He continued by saying that the government was dedicated to establishing a “more conducive regime” to position India as a “leading global hub for defence manufacturing.”
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