Value of defence production crosses Rs 1 lakh crore mark in FY 2022-23


NEW DELHI: For the first time the value of India defense production crossed the one lakh crore rupee mark Fiscal year 2022-23, the Ministry of Defense announced on Friday. The value of the country’s total defense production was over Rs. 95,000 crore in 2021-22.
In recent years, the government has taken a number of measures to promote the domestic defense industry.
“Thanks to the Department of Defense’s consistent efforts, the value of defense production surpassed the one lakh crore mark for the first time ever in fiscal 2022-23,” the ministry said.
“The value currently stands at 1,06,800 crore rupees and will continue to increase once the data is available from the remaining private defense industries,” it said in a statement.
The ministry said the value of defense production in 2022-23 represents an increase of more than 12 percent from the value in 2021-22 when it was Rs 95,000 crore.
“The government continuously works with the defense industries and their associations to address the challenges they face and boost defense production in the country,” the ministry said.
It said a number of policy reforms have been put in place to achieve the goal of making it easier to do business, including integrating MSMEs and start-ups into the supply chain.
The ministry said the defense industry, including MSMEs (micro, small and micro-enterprises). Medium companies) and startups have excelled in the design, development, and manufacture of military hardware.
“The number of defense licenses the government has issued to industry over the past seven to eight years has increased by nearly 200 percent,” the ministry said.
“These actions have boosted the defense industrial manufacturing ecosystem in the country and created tremendous job opportunities,” it said.
India is one of the largest arms importers in the world. It is estimated that the Indian Armed Forces will spend around US$130 billion over the next five years to raise capital.
The government now wants to reduce dependence on imported military platforms and has decided to support domestic defense production.
The Ministry of Defense has set a target of US$25 billion (Rs.1.75 billion) in manufacturing sales by 2024/25, including a US$5 billion (Rs.35,000 million) export target for military equipment rupees).

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