Defence production crosses Rs 1 lakh Cr mark for the first time; witnesses an increase of more than 12% over 2021-22

The value of defence production in Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever.

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.

Further, according to defence ministry data, the value of defence production was Rs 54,951 Crores in 2017-18, Rs 50,499 Crores in 2018-19, Rs 63,722 Crores in 2019-20, Rs 88,631 Crores in 2020-21 and Rs 95,000 Crores in 2021-22.

Notably, India manufactures number of weapons and systems, including the Tejas light combat aircraft (LCA), different types of helicopters, warships, tanks, artillery guns, warships, missiles, rockets and a variety of military vehicles.

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.

Several 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.