After breaching the ₹1,00,000 crore mark in terms of the value of annual defense production last year, India has registered its highest-ever growth in the financial year 2023-24. As per the official data by the defense ministry, in FY 2023-24, the country’s annual Indigenous defense production stood at ₹1,26,887 crore, showing positive year-on-year (YoY) growth of 16.7 percent. In the financial year 2022-23, the numbers were ₹1,08,684 crore.
Regarding sectoral contributions, nearly 79.2 percent of the total value of production (VoP) has been contributed by the defense public sector undertakings (DPSU) along with the other PSUs. With this, the DPSU and PSU have also managed to cross the ₹1,00,000 crore mark. The remaining portion (20.8 percent) of the VoP has been the contribution of the private sector entities.
Defence Minister Rajnath Singh took to X (formerly Twitter) to congratulate the industry on its all-time high performance. He wrote, “The Make in India program is crossing new milestones, year after year, under the leadership of PM Narendra Modi. Congratulations to our industry, including DPSUs, other PSUs manufacturing defense items, and the private industry. The government is committed to creating a more conducive regime for developing India as a leading global defense manufacturing hub.”
India has registered continuous positive growth in the value of annual defense production since 2019-20. The numbers for the same stood at ₹7,90,71 crore in 2019-20, which now stands at ₹1,26,887 crore, indicating an increase of nearly 60 percent in the last five years. In addition to this, the country’s defense exports are also seeing an upward trend as it registered a growth of 32.5 percent in the FY 2023-24 as the exports jumped from ₹15,920 crores in the last fiscal to ₹21,083 crores in FY 2023-24.