Bharat Progress Report 2024: India’s Annual Defence Production Hit 1.27 Lakh Cr

India’s defence production has reached a record ₹1.27 lakh crore in the financial year 2023-24, Defence Minister Rajnath Singh announced on Wednesday.

The milestone marks India’s rising self-reliance in defence manufacturing and comes close to the 10th anniversary of the ‘Make in India’ programme-a flagship initiative launched by the NDA government under Prime Minister Narendra Modi.

“Ten years ago, the ‘Make in India’ initiative was launched with the vision of making the country self-reliant in every domain. Today, our armed forces are using weapons and platforms manufactured on our soil, and we are exporting defence items to more than 90 friendly nations,” Rajnath Singh said in a statement on X.

For the first time in history, India’s defence exports crossed ₹21,000 crore in 2023-24, with the government setting an ambitious target of ₹50,000 crore in exports within the next five years. India has emerged as a significant player in the global defence market.

“Our efforts have not only bolstered our military preparedness but also established India as a key contributor to the global defence industrial landscape,” Singh added. .

Strengthening Domestic Manufacturing

The government has introduced various reforms to increase domestic defense production and decrease dependence on imports. These include raising the Foreign Direct Investment (FDI) limit in the defense sector from 49% to 74% under the automatic route and allowing 100% FDI in specific cases.

India, one of the largest importers of arms in the world historically, is likely to spend $130 billion on capital procurement by 2029. The government wants to convert this demand into an opportunity for the domestic manufacturer, and the defence manufacturing turnover is targeted at ₹1.75 lakh crore ($25 billion) within the next five years.

Border Preparedness Focus

The push towards indigenous production has been much more significant in enhancing preparedness along sensitive areas of the border with China, for instance. Platforms and weapons developed indigenously now play a critical role in safeguarding India’s territorial integrity.

India’s advancements in defence manufacturing have not gone unnoticed on the international stage. By supplying military hardware to over 90 countries, India has strengthened its position as a reliable partner in defence cooperation.

“India is rising on the defense industrial landscape of the world,” Singh concluded.

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