The value of defence production by state-run companies and the private sector has almost doubled over the past five years that saw the government take a raft of measures to cut the country's dependence on military imports and strengthen its position as an exporter of weapons and systems, officials aware of the matter said, asking not to be named.
The figure stood at ₹1,06,800 crore in financial year 2022-23 compared to ₹95,000 crore in FY 2021-22 and ₹54,951 crore five years ago, the officials said.
The value of defence production in FY 2022-23 has crossed lakh crore for the first time due to the defence ministry's consistent efforts, and it is expected to climb further after private defence firms submit their data, the ministry said in statement. The value of defence production has grown by 12% compared to last year.
India produces a raft of weapons and systems, including the Tejas light combat aircraft (LCA), different types of helicopters, warships, tanks, artillery guns, missiles, rockets and a variety of military vehicles. A category-wise break-up of defence production was not immediately available.
India has sharpened its focus on the defence manufacturing sector during the last five years and taken several measures to achieve self-reliance. These include banning the import of a range of weapons, systems and parts, creating a separate budget for buying locally made military hardware, increasing foreign direct investment from 49% to 74% and improving ease of doing business. The results are beginning to show, experts said.
The value of defence production was ₹54,951 crore in 2017-18, ₹50,499 crore in 2018-19, ₹63,722 crore in 2019-20, ₹88,631 crore in 2020-21 and ₹95,000 crore in 2021-22, according to defence ministry data.
This story is from the May 20, 2023 edition of Hindustan Times.
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This story is from the May 20, 2023 edition of Hindustan Times.
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