India's Defence Production Crosses Rs 1 Lakh Crore Mark For The First Time Ever In FY23

The government on Friday (19 May) said that the value of India's defence production crossed Rs 1 lakh crore mark for the first time ever in the financial year 2022-23.

"The value of defence production in Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever," the Defence Ministry said in a statement.

The value of India's defence production in FY23 currently stands at Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries, the ministry said.

"The current value of defence production in FY 2022-23 is a rise of more than 12 per cent over FY 2021-22, when the figure was Rs 95,000 crore," the ministry added.

The ministry said 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.

"A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain," it said.

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 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years by the government, according to the ministry.

The ministry added that these measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.