India's Indigenous Defence Production In Last Three Financial Years Was Worth Rs 2.58 Lakh Crore: Govt

New Delhi, Feb 10 (PTI) India's indigenous defence production in the last three financial years was worth Rs 2.58 lakh crore, according to details provided by the government on Friday.

The data from 2019-20 to 2021-22 was presented in the Lok Sabha by Minister of State for Defence Ajay Bhatt in response to a question.

'The value of indigenous defence production in the last three financial years 2019-20, 2020-21 and 2021-2022 are Rs 79,071 crore, Rs 84,643 crore and Rs 94,846 crore respectively,' he said. The total comes to Rs 2,58,560 crore.

'In order to give a boost to the defence manufacturing ecosystem in the country, the government of India has established two defence industrial corridors (DICs), one in Uttar Pradesh and the other in Tamil Nadu,' he said.

According to estimates, the Indian armed forces are projected to spend around USD 130 billion (one billion is equal to Rs 100 crore) in capital procurement over the next five years.

The government has been focusing on reducing dependence on imported military platforms and has decided to support domestic defence manufacturing.

The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years which includes an export target of USD 5 billion worth of military hardware.

To a separate question, he said the export value of authorisations issued in 2021-22 was Rs 12,815 crore while it was Rs 8,435 crore in 2020-21, Rs 9,116 crore in 2019-20 and Rs 10,746 crore in 2018-19.

The amount in the current fiscal till February 6 was Rs 10,642 crore.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)