Why in news ?
India’s annual defence production has hit a record high of approximately Rs 1.27 lakh crore in 2023-24.
Growth Rate
This is a growth of 16.7% over the previous year, and 60% higher than in 2019-20.
Contributions
Of the total value of production (VoP) in 2023-24 :
- About 79.2% has been contributed by Defence Public Sector Undertakings (DPSUs) and other Public Sector Undertakings (PSUs)
- 20.8% by the private sector
Defence Exports
Defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a growth of 32.5% over the previous year.
Government’s Commitment
The government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub