Prime Minister Modi Celebrates Record Growth in India’s Defence Production and Exports
The Society of Indian Defence Manufacturers (SIDM) praised India’s significant growth in defence production and exports, as announced by Prime Minister Narendra Modi on July 5, 2024. In FY 2023-24, domestic defence production reached a record-breaking Rs 1.27 lakh crore, marking a 16.7% increase from the previous year and a 60% growth compared to 2019-20. Defence exports also soared to Rs 21083 crore, a nearly 35% rise over the previous fiscal year.
SIDM President Rajinder Bhatia expressed delight at this unprecedented growth, stating, “Initially, the targets set forth in the Defence Production and Export Promotion Policy (DPEPP) seemed ambitious. However, through the collective efforts of the government, the defence industry, and SIDM, we have not only achieved but are on the cusp of surpassing these goals.”
The DPEPP, along with proactive government policies and industry resilience, has fostered a conducive ecosystem for innovation, research, and development. The Prime Minister’s unwavering support and the Ministry of Defence’s strategic guidance have been crucial in empowering the Indian defence industry to reach new heights.
SIDM has played a pivotal role in this transformation by advocating for industry interests, simplifying regulatory hurdles, and fostering collaboration between policymakers and industry stakeholders. The organization has been instrumental in empowering the Indian Defence Industry, especially the MSMEs, which form the backbone of the defence supply chain.
The synergy between the public and private sectors has been a cornerstone of this success. Defence Public Sector Undertakings (DPSUs) have leveraged their legacy and expertise, while the private sector has brought in innovation and agility. This harmonious collaboration has propelled India to the forefront of global defence manufacturing.
SIDM acknowledges the significant role played by various government initiatives, including iDEX, TDF, and the Indian Missions abroad, in bolstering the domestic defence ecosystem. The organization’s global outreach initiative, supported by the Ministry of Defence and the Defence Attaches abroad, has also contributed to expanding India’s defence footprint during the COVID-19 pandemic.
While lauding these achievements, SIDM emphasizes the need for continued focus on innovation, technology advancements, and robust supply chains. The organization remains committed to supporting the government and the industry in their pursuit of making India a global leader in defence manufacturing and exports.
SIDM extends its gratitude to Prime Minister Modi for his visionary leadership, the Ministry of Defence for its unwavering support, and the entire defence industry for their relentless dedication. Together, they have embarked on a historic journey that promises to transform India into a global defence powerhouse.
