Defense Production Crosses ₹ 1 Lakh Crore For The First Time: Growth Of Over 12% In Financial Year-2023

In the financial year 2022-23, the value of defense production has crossed the Rs 1 lakh crore mark for the first time. The Defense Ministry has given this information. The Ministry of Defense said that at present the value of defense production is Rs 1,06,800 crore. This figure will increase further after the data of private defense industries comes.
In FY-23, there has been a growth of more than 12% in the value of defense production as compared to FY-22. In FY 2021-22 this figure was Rs 95,000 crore.
The government said, 'We are trying to reduce our dependence on imports from countries like Russia. India has been the world's largest arms importer in the last decade. The country depends on Russia for almost half of its military supplies.
The Defense Ministry said in a statement that the value of India's local defense production has increased to Rs 1.07 trillion in the financial year ended March 31 and it is expected to increase further after the data of some private defense companies.
The ministry said, 'The government is continuously working with the defense industries and their associations to overcome the challenges faced by them and to promote defense products in the country.'
The ministry pointed out that the number of defense-industry licenses issued has almost tripled in recent years. According to government data, India's defense exports have also increased by 24% to about 160 billion rupees in the last financial year.
India exports Dornier-228 aircraft, artillery guns, BrahMos missiles made in joint ventures with Russia, radars, armored vehicles, rockets and launchers, ammunition, and other equipment.