Indian defence manufacturing hit Rs 1.27 lakh crore in 2023-24, exports crossed Rs 21,000 crore –

India’s defence manufacturing hit file excessive of Rs 1.27 lakh crore in worth in monetary yr 2023-24, in response to knowledge revealed by the Ministry of Defence.

The MoD this week revealed knowledge of India’s defence manufacturing and defence exports. The knowledge confirmed that between 2014-15 and 2023-24, defence manufacturing rose from Rs 46.2 thousand crore to Rs 1.27 lakh crore and exports rose from Rs 686 crore to Rs 21,083 crore between 2013-14 and 2023-24. The MoD mentioned the figures are all-time highs.

While the general defence manufacturing surged by 174 per cent within the interval, defence exports surged by 30 occasions, in response to the information.

These figures are a complete of defence manufacturing and exports of all defence public sector undertakings (DPSUs), different public sector models manufacturing defence objects, and personal corporations.

The MoD has now set the goal for Rs 3 lakh crore in defence manufacturing by 2029.

Historically, India has persistently been one of many largest arms importers. In current years, nonetheless, on the again of a lot of initiatives, the defence manufacturing in addition to exports have began to rise. However, India was the world’s second-largest arms importer after Ukraine final yr, in response to the Sweden-based Stockholm International Peace Research Institute (SIPRI).

In a press launch, the MoD credited initiatives like Make in India, Innovations for Defence Excellence (iDEX), and Acing Development of Innovative Technologies with iDEX (ADITI), with elevated defence manufacturing and exports. It mentioned that whereas beforehand India had 65-70 per cent import dependency, 65 per cent of defence tools is now manufactured domestically.

In adddition to 16 DPSUs, greater than 430 licensed corporations and round 16,000 medium, small, and micro enterprises (MSME) are actually engaged within the defence sector, with non-public corporations contributing 21 per cent to complete defence manufacturing, mentioned the MoD.

Among the platforms listed whereas hailing home defence manufacturing had been the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas, Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR).