India’s Defence Production Crosses ₹ One Lakh Crore Mark for the First Time Ever

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Source: PIB

Due to the Government of India’s policy reforms, 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.

May 2023 : As a result of the consistent efforts of the Ministry of Defence, the value of defence production in Financial Year (FY) 2022-23 has crossed the figure of ₹ One lakh crore for the first time ever. The value currently stands ₹ 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 ₹ 95,000 crore.

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. These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.

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