Sunday, July 14, 2024

India’s Defence Production Hits Record High!

Must Read

India’s Defence Minister on Friday announced that India has registered its highest ever record defence production. As per the latest data, India’s defence production has reached a record high figure of Rs. 1,26,887 crore. Thereby, reflecting a growth rate of 16.7%, when compared to the previous financial year.

In the light of this achievement, Defence Minister Rajnath Singh stated that under the leadership of PM Modi, the “Make-In-India” initiative is crossing new milestones. He also congratulated the DPSU’s and other PSU’s involved in manufacturing defence items.

- Advertisement -

Crossing New Milestones…

In terms of value of production, the DPSU’s and PSU’s contributed about 79.2% while the private sector accounts for 20.8%. The figure given below, states the same.

- Advertisement -
Pc- Pib

The data further shows that in absolute terms, there has been a steady growth of both the DPSU’PSU’s and of the private sector in defence production. Overall, in the last 5 years, the defence production has steadily increased and has grown over 60%.

This feat is on account of the various reforms and initiatives taken by the government in the last 10 years towards achieving Atmanirbharta. It is because of sustained indigenisation efforts that value of production has increased. In fact, in recent past the value of defence exports have also touched new heights of Rs. 21,083 crore in FY2023-24. This figure being 32.5% over the previous fiscal year when the exports were Rs. 15,920 crore. Even the share prices of Indian defence companies rose up by 13% on July 5th. Recently, the shares of Mazagon Dock hit a record high of Rs. 5623.50, up by 20% on BSE.

- Advertisement -

From producing Tejas LAC, SMART missiles, SEBEX 2 ( one of the world’s most powerful non nuclear bomb) to exporting Brahmos. India has surely come a long way. It is currently exporting military hardware and equipments to around 85 countries. This includes missiles, artillery guns, radars, surveillance systems, offshore patrol vessels, protective gears and ammunitions. With the ongoing pace, scale and leadership, India will not only achieve, complete Atmanirbharta in coming years, but will also play a crucial role in the global defence sector.

- Advertisement -

More articles

- Advertisement -

Latest Article