The defence production in India has come up as one of the emerging trends which have recorded its highest ever growth with production value of almost Rs 1.27 lakh crore in 2023-24. This was recently announced by the Defence Minister Rajnath Singh, which is 17% higher than the budget estimate of Rs 1,08,684 crore of the last fiscal. This rise also further corroborates the increasing Indian capacities and depicts a healthy upward trend in the last five years where the production has increased by over 60% compared to the FY 2019-20.
Singh’s statement does not deviate from the new narrative of India’s defence profile, particularly in the context of the Make in India campaign that has been instrumental in the development of indigenous manufacturing capabilities. He applauded the efforts of DPSUs as well as the private players who have worked hard to take the sector to the next level. During 2023-24, the DPSUs and other public sector undertakings have constituted 79.2 percent of the total production value, the private sector however showed great improvement contributing 20.8%.
This upward trend means more than figures; it symbolizes direction change supported by government policies towards ease of doing business and self-sufficiency. These and other improvements indicate that as India progresses in establishing itself as a defence manufacturing powerhouse, the nation’s industrial prospects are indeed bright.
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