India’s Defence Production Soars by 16.8% in 2023-24

Rajnath Singh Announces Record Growth

Defence Minister Rajnath Singh announced on Friday that India’s defence manufacturing sector has grown by 16.8% in the fiscal year 2023-24. This marks the highest-ever growth in the country’s defence production value.

Key Figures

The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year’s figures. Singh highlighted this achievement in a post on X, crediting the Make in India program under Prime Minister Narendra Modi’s leadership.

The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri Narendra Modi. India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in 2023-24 which is 16.8% higher than the value of production of previous financial year.

Congratulations and Future Goals

Singh congratulated Public Sector Undertakings (PSUs) and the private sector for their contributions. He reaffirmed the government’s commitment to developing India as a leading global defence manufacturing hub.

The central government has set a target of achieving indigenous defence manufacturing worth Rs 1,75,000 crore, including defence exports of Rs 35,000 crore, by the fiscal year 2024-25.

Defence Exports

India’s defence exports reached a record of Rs 21,083 crore (approximately USD 2.63 billion) in FY 2023-24, reflecting a 32.5% growth from the previous fiscal year. These figures indicate that defence exports have grown 31 times over the last decade compared to 2013-14.

Market Impact

Following the announcement, shares of Hindustan Aeronautics Limited surged by more than 1.5% to Rs 5,601 on Friday. Indian defence PSUs have witnessed significant returns on equities in the past few years, benefiting from new orders.