New Delhi: The Centre said on Friday that the value of India’s defence production crossed Rs 1 lakh crore mark for the first time ever in the financial year 2022-23. It is reported that the current value Rs 1,06,800 crore was expected to rise further once data from some private defence companies are added.
The ministry said that the value of defence production in 2022-23 rose by more than 12% over the figure in 2021-22 when it was Rs 95,000 crore.
There is almost a 200 percent increase in the number of defence licenses issued to the industries in the last eight years by the government. The ministry said that defence industries including the MSMEs (Micro, Small and Medium Enterprises) and start-ups, have been coming forward in design, development and manufacturing of military hardware. The policy reforms taken by the government have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.