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New Delhi. The country’s defense production has crossed Rs 1 lakh crore for the first time. The Defense Ministry said on Friday that the tentative figure for defense production in the financial year 2022-23 has been Rs 1,06,800 crore.
In a statement, the Ministry of Defense said that due to continuous efforts to increase defense production, the total value of defense production in the financial year 2022-23 exceeded the figure of one lakh crore rupees for the first time. The value is currently estimated at Rs 1,06,800 crore. This value will increase further after getting the data from some private sector defense units.
In this way, an increase of more than 12 percent has been recorded in defense production. Earlier, in the financial year 2021-22, defense production was more than Rs 95,000 crore.
Crediting the government’s encouraging steps to increase production value, the Defense Ministry said, “The government is continuously working with the Ministry of Defense and its allied units to overcome the challenges and increase the defense production in the country.”
According to the statement, along with increasing the ease of doing business in defense manufacturing, indigenous design, development and manufacturing of defense products is being promoted through the participation of MSMEs and startups. Defense licenses granted to industries have increased by 200 per cent in the last seven-eight years. With such efforts, the ministry has set a defense production target of $25 billion (Rs 1.75 lakh crore) by the financial year 2024-25, with a target of 35,000 Also included is the target of exporting military products worth Rs.
India is a major importer of military products across the world. According to an estimate, in the next five years, the Indian military is going to buy defense equipment worth $ 130 billion. However, the government now wants to reduce the dependence on imports for defense equipment and in this effort, domestic defense manufacturing is being promoted.
Pc:Hindustan
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