New Delhi [India], August 9 (ANI): The annual defence production has achieved a record high of Rs 1,50,590 crore for the Financial Year (FY) 2024-25.
The milestone represents a robust 18% growth over the previous fiscal’s output of Rs 1.27 lakh crore, and a staggering 90% increase since FY 2019-20, when the figure was Rs 79,071 crore, as stated in the release.
Defence Minister Rajnath Singh has lauded the collective efforts of the Department of Defence Production and all stakeholders, i.e., DPSUs, public sector manufacturers, and the private industry, in achieving this landmark. He termed the upward trajectory a clear indicator of India’s strengthening defence industrial base.
Highlighting the achievement on X, Singh credited Prime Minister Narendra Modi’s leadership for the remarkable growth, underscoring the nation’s strides towards becoming a global defence manufacturing hub.
“Under the leadership of Prime Minister Shri @narendramodi, India’s defence production has hit a record high! The annual defence production has soared to an all-time high figure of Rs 1,50,590 crore in the Financial Year (FY) 2024-25. These numbers indicate a robust 18% growth over the previous fiscal’s output of Rs 1.27 lakh crore, and a staggering 90% increase since FY 2019-20, when the figure was Rs 79,071 crore,” he posted on X.
According to the release, Defence Public Sector Undertakings (DPSUs) and other PSUs accounted for approximately. 77% of total production, while the private sector contributed 23%. The share of the private sector, which increased from 21% in FY 2023-24 to 23% in FY 2024-25, reflects the sector’s growing role in the defence ecosystem of the country.
Both public and private segments of the industry have demonstrated consistent year-on-year growth, attributed to far-reaching policy reforms, enhanced ease of doing business, and a strategic focus on indigenisation over the past decade. The overall production of DPSUs and the private sector has increased by 16% and 28% respectively in FY 2024-25.
This record-setting achievement underscores the growing momentum of the Government’s push to self-reliance in defence manufacturing under the Aatmanirbhar Bharat initiative spearheaded by Prime Minister Narendra Modi. The emphasis on reducing the dependency on imports and creating a defence industrial complex that not only caters to India’s needs but also strengthens the potential of exports has shown positive results.
It may be recalled that the defence exports have surged to a record high of Rs 23,622 crore in FY 2024-25. It was a growth of Rs 2,539 crore or 12.04% over the defence exports figures of FY 2023-24, which were Rs 21,083 crore.
With sustained policy support, increased private participation, and expanding export capabilities, India’s defence production sector is poised for continued acceleration in the years ahead. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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