India's Defence Production Crosses Rs 1 Lakh Crore, Exports At Record High Of Rs 16,000 Crore In FY23

In a historic achievement, India's defence production has surpassed the Rs 1 lakh crore mark for the first time, marking an extraordinary tenfold surge since the 2016-17 fiscal year.

According to the Ministry of Defence, exports surged to an unprecedented level of approximately Rs 16,000 crore in the fiscal year (FY) 2022-23.

This marks an impressive increase of nearly Rs 3,000 crore compared to the previous fiscal year, showcasing a remarkable growth of over 10 times since the fiscal year 2016-17.

This milestone underscores India's robust growth in the defence sector, positioning it as a major global player with exports to over 85 countries and active participation from 100 companies.

A pivotal moment unfolded during the 'Swavlamban 2.0' session when Defence Minister Rajnath Singh revealed the fifth positive indigenisation list, shining a spotlight on 98 items designated for local sourcing.

Also, a record 75 per cent — around Rs 1 lakh crore of the defence capital procurement budget was earmarked for the domestic industry in FY 2023-24, up from 68 per cent in FY 2022-23.

The 14th Aero India event witnessed the grand inauguration of the HAL Helicopter Factory in Tumakuru, Karnataka, inaugurated by Prime Minister Narendra Modi.

This state-of-the-art facility, celebrated as India's largest helicopter manufacturing plant, is poised to roll out light utility helicopters.

In a significant stride, the Indian Air Force welcomed the first twin-seater light combat aircraft 'Tejas,' with HAL securing a noteworthy order for 83 light combat aircraft.

The Defence Acquisition Council further greenlit proposals exceeding Rs 3.50 lakh crore in 2023, emphasising a focus on enhancing operational readiness.

Concurrently, the Border Roads Organisation made a substantial contribution by dedicating 118 infrastructure projects to the nation.

Adding a progressive touch, the Regiment of Artillery actively embraced gender inclusion by commissioning 10 female officers in 2023.

This collective progress showcases India's decade-long growth trajectory in the defense sector, setting the stage for continued advancements and a resilient defence industry.