India’s defence production has surpassed the Rs one lakh crore mark for the first time in the financial year 2022-23.
According to a statement by the Ministry of Defence on Friday, PTI reported. The total value of defence production in the country in 2021-22 was over Rs 95,000 crore.
In recent years, the government has implemented various measures to promote the domestic defence industry. And these efforts have yielded positive results.
The ministry highlighted that the defence production value in FY 2022-23 has reached Rs 1,06,800 crore.
It is likely to increase further once they receive data from the remaining private defence industries.
This achievement represents a growth of more than 12 per cent compared to the previous financial year. As the value of defence production was Rs 95,000 crore, the ministry added.
The government has been actively collaborating with defence industries and their associations to address challenges and facilitate defence production in the country. Also, Policy reforms have been implemented to enhance the ease of doing business, including integrating Micro, Small, and Medium Enterprises (MSMEs) and start-ups into the defence supply chain.
The ministry emphasized that the defence industry, including MSMEs and start-ups. This has shown significant involvement in the design, development, and manufacturing of military hardware.
The number of defence licenses issued by the government to industries has witnessed an almost 200 per cent increase over the past seven to eight years.
These initiatives have not only stimulated the defence manufacturing ecosystem in the country. But have also generated substantial employment opportunities, the ministry stated.