India's Defence Production Hit Rs 1.27 Lakh Crore, Exports Surged In FY24

India's defence production hit a record high of Rs 1.27 lakh crore in 2023-24, with exports to more than 90 friendly countries, according to Defence Minister Rajnath Singh.

The Indian armed forces are now using weapons and equipment manufactured in India, highlighting the country's increasing prominence in the global defence industry, he noted. This announcement coincides with the 10th anniversary of the NDA government's 'Make in India' initiative.

The government, under Prime Minister Narendra Modi's 'astute leadership', introduced the 'Make in India' programme with a vision to make the country self-reliant in every domain, Singh said.

"Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world," he said.

"Today, Indian Armed Forces are using weapons and platforms, which are manufactured on our own soil and we are also exporting defence items to more than 90 friendly foreign countries," the minister added.

India's defence exports crossed the Rs 21,000 crore-mark for the first time in 2023-24. The defence ministry set a target of increasing it to Rs 50,000 crore in the next five years.

In the last few years, the government has taken a series of measures to promote the domestic defence industry, Singh said.

According to Singh, the aim is to enhance domestic defence manufacturing and military preparedness especially in areas bordering China.

India is one of the largest importers of arms globally.

According to estimates, Indian armed forces are projected to spend around $130 billion in capital procurement by 2029.

The government wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.

The defence ministry has set a goal of a turnover of $25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years.

In May 2020, the government announced increasing the foreign direct investment limit in the defence sector from 49% to 74% under the automatic route.

The government allows 100% FDI for specific cases.

(With inputs from PTI).