https://sputniknews.in/20240705/big-boost-for-make-in-india-as-arms-manufacturing-hits-new-heights-7785913.html
Big Boost for 'Make in India' As Arms Manufacturing Hits New Heights
Big Boost for 'Make in India' As Arms Manufacturing Hits New Heights
Sputnik India
India's domestic production of defense items hit an all-time high of INR 1,26,887 crore ($15.1 billion) after registering a year-on-year growth of 16.8 percent, Defense Minister Rajnath Singh revealed on Friday.
2024-07-05T14:09+0530
2024-07-05T14:09+0530
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India's domestic production of defence items hit an all-time high of INR 1,26,887 crore ($15.1 billion) after registering a year-on-year growth of 16.8%, Defence Minister Rajnath Singh revealed on Friday.Meanwhile, of the overall value of defence manufacturing in 2023-24, 79.2% has been done by public sector undertakings (PSUs), while the private sector's contribution stood at 20.8%, a statement releasd by MoD reads.The Ministry also highlighted that robust indigenous defence manufacturing has played its part in India's burgeoning defence exports, which, earlier this year, had crossed the INR 21,000 crore ($3.1 billion) mark – impressive 32.5% growth over the last financial year.
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Big Boost for 'Make in India' As Arms Manufacturing Hits New Heights
With India vying to become one of the top exporters of military equipment, it has put a lot of thrust on Indigenous defense production. It has now recorded its best annual numbers in this department, according to the Ministry of Defence (MoD).
India's domestic production of defence items hit an all-time high of INR 1,26,887 crore ($15.1 billion) after
registering a year-on-year growth of 16.8%, Defence Minister
Rajnath Singh revealed on Friday.
"The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri Narendra Modi. India has registered the highest ever growth in the value of defence production in 2023-24," he said in a post on X. "The Government is committed to create more conducive regime for developing India as leading Global Defence Manufacturing Hub."
Meanwhile, of the overall value of defence manufacturing in 2023-24, 79.2% has been done by
public sector undertakings (PSUs), while the private sector's contribution stood at 20.8%, a statement releasd by MoD reads.
The Ministry also highlighted that robust indigenous defence manufacturing has played its part in India's burgeoning defence exports, which, earlier this year, had crossed the INR 21,000 crore ($3.1 billion) mark – impressive 32.5% growth over the last financial year.
