HUGE! India's defence production crosses Rs 1 lakh crore mark for the first time ever

NewsBharati    19-May-2023 11:16:05 AM
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New Delhi, May 19: In a huge development, the Ministry of Defence has announed that as a result of the consistent efforts, the value of defence production in Financial Year (FY) 2022-23 has crossed the figure of Rs 1 lakh crore for the first time ever.
 
defence production
"The value currently stands Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries. The current value of defence production in FY 2022-23 is a rise of more than 12 per cent over FY 2021-22, when the figure was Rs 95,000 crore," the Ministry of Defence added.
 
It also said that the government is "continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country". A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain.
 
Due to these policies, the industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing and there is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years by the Government.
 
The ministry also said, "These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities."