FY24 defence output grows 17% to record high of ₹1.27 trn

India's annual defence production hit a record high of almost 1.27 trillion in 2023-24 (FY24), up 16.7 per cent over the previous year's figure of about 1.09 trillion, the Ministry of Defence (MoD) said in an official statement on Friday.

- BHASWAR KUMAR

Announced weeks before the Union Budget for FY25, the record production figure based on data received from all defence public-sector undertakings (DPSUs), other PSUs manufacturing defence items, and private companies also means the country's defence ecosystem has covered over 40 per cent distance to the Centre's ambitious annual defence production target of 3 trillion by FY29. The value of defence production has grown over 60 per cent in the past five years (since FY20), the ministry said. "MoD has achieved highest ever growth in indigenous defence production in value terms during FY24 on the back of successful implementation of policies and the government initiatives focusing on achieving aatmanirbharta (self-reliance)," said the MoD statement.

Acknowledging the achievement, Defence Minister Rajnath Singh said in a post on socialmedia platform X that the 'Make in India' programme was crossing new milestones year after year under the leadership of Prime Minister Narendra Modi.