India achieves record defence production in 2023-24

India recorded the highest-ever annual domestic defence production in 2023-24, reaching £13 bn in terms of value, which represents a 16.7% growth over the previous fiscal, defence minister Rajnath Singh said.
Stating that the ‘Make in India’ programme is crossing new milestones, year after year, under PM Modi, Singh said govt has an “unwavering resolve” to develop the country as a leading global defence manufacturing hub.
Of the total value of production in 2023-24, 79% was contributed by defence PSUs and other PSUs manufacturing defence items, while around 21% by the private sector. “The data shows that in terms of absolute value, both defence PSUs/PSUs and the private sector have recorded a steady growth in defence production,” the ministry said.
“The feat has been achieved due to the policy reforms and initiatives as well as the ease of doing business brought in the last 10 years, with focus on attaining self-reliance. The indigenisation efforts have been pursued aggressively,” it added.
Moreover, increasing arms exports have also contributed to the overall growth in defence production. India’s defence exports touched a high of £2.10 bn in 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was £1.59 bn. “In the last five years (since 2019-20), the value of defence production has been increasing steadily, and grown by over 60%,” it said.