Defence Minister Rajnath Singh on Friday mentioned the nation has registered the highest-ever progress within the worth of defence manufacturing in 2023-24, and that the Make in India programme is crossing new milestones.
He additionally mentioned that the federal government is dedicated to making a extra conducive regime for growing India as a number one world defence manufacturing hub.
In a launch, M0D mentioned, “Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the Government, led by Prime Minister Narendra Modi, focusing on achieving ‘Aatmanirbharta’. As per the data received from all Defence Public Sector undertakings (DPSUs), other PSUs manufacturing defence items and private companies, the value of defence production in the country has gone up to a record-high figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7 per cent over the defence production of the previous financial year. The value of defence production in FY 2022-23 was Rs 1,08,684 crore.”
Acknowledging the achievement by way of a submit on X, Raksha Mantri Rajnath Singh said that the ‘Make in India’ programme is crossing new milestones, 12 months after 12 months, below the management of Prime Minister Shri Narendra Modi. He voiced the Government’s unwavering resolve to develop India as a number one world defence manufacturing hub.
Of the whole worth of manufacturing (VoP) in 2023-24, about 79.2 per cent has been contributed by DPSUs/different PSUs and 20.8 per cent by the personal sector. The knowledge exhibits that by way of absolute worth, each DPSUs/PSUs and the personal sector have recorded a gentle progress in defence manufacturing. Shri Rajnath Singh congratulated the business, together with DPSUs, different PSUs manufacturing defence gadgets and the personal business for taking defence manufacturing at an all-time excessive.
The feat has been achieved because of the coverage reforms/initiatives and ease of doing business introduced in by the Government within the final 10 years with deal with attaining self-reliance. The indigenisation efforts have been pursued aggressively on a sustained foundation, which resulted within the highest-ever VoP. Moreover, the spiralling defence exports have contributed tremendously to the general progress in indigenous defence manufacturing. It could also be recalled that defence exports touched a record-high of Rs 21,083 crore in FY 2023-24, reflecting a progress of 32.5 per cent during the last fiscal when the determine was Rs 15,920 crore.
Source: www.indiatvnews.com
