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Ministry of Defence said that India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the government. As per the data received from all Defence Public Sector undertakings (DPSUs), other PSUs manufacturing defence items and private companies, the value of defence production in India has gone up to a record-high figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 crore. 

It said of the total value of production (VoP) in 2023-24, about 79.2% has been contributed by DPSUs/other PSUs and 20.8% by the private sector. The data shows that in terms of absolute value, both DPSUs/PSUs and private sector have recorded a steady growth in defence production. 

The ministry noted that the feat has been achieved due to the policy reforms/initiatives and ease of doing business brought in by the government in the last 10 years with focus on attaining self-reliance. The indigenisation efforts have been pursued aggressively on a sustained basis, that resulted in the highest ever VoP. Moreover, the spiralling defence exports have contributed tremendously to the overall growth in the indigenous defence production. Defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the last fiscal when the figure was Rs 15,920 crore.