NEW DELHI: For the first time ever, India's value of defence production in the Financial Year 2022–23 has surpassed Rs 1 lakh crore. The Ministry of Defence stated on Friday that constant and ongoing efforts were undertaken to achieve this outcome.
According to officials from the Ministry of dEFENSE,, the value is presently Rs 1,06,800 crore and would increase once data from the other private military industries is received. Their estimates place the value of defence production in FY 2022–23 at Rs 95,000 crore, an increase of more than 12% from FY 2021–22.
The output of defence is expected to reach about Rs 1.07 lakh crore in the financial year 2022–23, up more than 12% from 2021–22, according to the officials. According to the officials, the government is continually collaborating with the defence businesses and their associations to address their issues and advance national defence production. To attain the goal of ease of doing business, a number of policy reforms have been implemented, including the inclusion of MSMEs and startups in the supply chain.
According to the Ministry of Defence, these policies have encouraged businesses, including MSMEs and startups, to engage in defence design, development, and manufacturing. In the last 7-8 years, the government has also granted nearly 200 percent more defence licences to industries.These actions have greatly increased employment prospects while boosting the nation's defence industrial production ecosystem.
The government has also authorised four Positive Indigenisation Lists (PIL) that contain more than 2500 Line Replacement Units (LRUs), Sub-systems, Spares, and Components that are strategically significant. This week's recent approval comprises high-end components and spare parts with an import substitution value of Rs 715 crore.
Besides this, the government has established two Defence Industrial Corridors (DICs) to enhance the nation's defence manufacturing ecosystem, develop the domestic supply chain, and draw investment of Rs 20,000 crore into the defence sectors by the years 2024–2025.
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