Rajnath Singh presented statistics showing that India is fast moving towards self-sufficiency in the defense sector

The latest statistics regarding defense products in the country have come to light. The country's defense minister Rajnath Singh said that the annual record of defense sector production in the financial year 2023-24 has reached around Rs 1.27 lakh crore. This figure has increased by 16.7% from last year. Compared to 2019-20, a growth of 60 percent has been reported. Defense Minister Rajnath Singh said that the government wants to take India to new heights in security. The government is working to make India a leading global defense manufacturing hub. Defense exports have reached Rs 21,083 crore in FY 2023-24, an increase of 32.5% over the previous FY. In the last financial year, these defense exports stood at Rs 15,920 crore. To date, Defense Minister Rajnath Singh has shared this figure with the entire nation and posted it on his social media handle, saying that a huge increase in domestic defense production has been achieved by 2023-24, aiming to achieve self-sufficiency. – Reliance. The Make in India program under the leadership of Prime Minister Shri Narendra Modi is crossing new milestones year after year. In 2023-24, India has recorded the highest growth in defense production value ever. Production value Rs. 1,26,887 crore — Rajnath Singh (@rajnathsingh) July 5, 2024 According to data obtained from all Defense Public Sector Undertakings (DPSUs), other PSUs and private companies manufacturing defense goods, the country's defense output is valued at Rs. 1,26,887 crore. It has achieved an increase of 16.7% compared to the defense production of the previous financial year. If we look at the defense production for the financial year 2022-23, then the defense production was Rs.1,08,684 crore. Make in India Success Commenting on this achievement of the Ministry of Defence, Rajnath Singh said that under the leadership of Prime Minister Narendra Modi, the Make in India program is crossing new milestones every year. About 79.2% of the total value of production (VOP) in FY 2023-24 will be contributed by DPSUs/other PSUs and 20.8% by the private sector. The data shows that both DPSUs/PSUs and the private sector have recorded steady growth in defense production. Focusing on achieving self-reliance, Rajnath Singh congratulated DPSUs, other PSUs manufacturing defense products and private industry for taking defense manufacturing to a higher level. This success is due to the policy reforms and ease of doing business brought under the government's Self Reliance India program in the last 10 years. Increasing defense exports have contributed greatly to the growth of domestic defense production.