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The defence ministry has said that for the first time, the value of India's defence production has crossed Rs 1 lakh crore mark in the financial year 2022-23. The value of total defence production in the country in 2021-22 was over Rs 95,000 crore. In the last few years, the government has taken a series of measures to promote the domestic defence industry. The value 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 value of defence production in 2022-23 is a rise of more than 12 per cent over the figure in 2021-22 when it was Rs 95,000 crore. 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. It said 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.

The ministry said defence industries, including the MSMEs (Micro, Small and Medium Enterprises) and start-ups, have been coming forward in design, development and manufacturing of military hardware. There is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last seven-eight years by the government. These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.