The value of defence production in Financial Year 2022-23 has crossed the figure of ₹1 lakh crore for the first time ever, according to the Defence Ministry.
“The value currently stands ₹1,06,800 crore and it will go further up once the data is received from the remaining private defence industries,” a Defence Ministry statement said. “The current value of defence production in FY 2022-23 is a rise of more than 12% over FY 2021-22, when the figure was ₹95,000 crore.”
Stating 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, the statement noted that a number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of Micro, Small and Medium Enterprises (MSMEs) and start-ups into the supply chain.
“Due to these policies, the industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing and there is almost a 200% increase in the number of defence licences issued to the industries in the last 7-8 years by the Government,” the statement added.
Under the Make in India push, there has been lot of focus on increasing domestic defence manufacturing, encourage private sector involvement as well as boost exports.
