News Brief
India's Defence Production Crosses Rs 1 Lakh Crore, Exports At Record High Of Rs 16,000 Crore In FY23
Nayan Dwivedi
Dec 25, 2023, 10:22 AM | Updated 10:20 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a historic achievement, India's defence production has surpassed the Rs 1 lakh crore mark for the first time, marking an extraordinary tenfold surge since the 2016-17 fiscal year.
According to the Ministry of Defence, exports surged to an unprecedented level of approximately Rs 16,000 crore in the fiscal year (FY) 2022-23.
This marks an impressive increase of nearly Rs 3,000 crore compared to the previous fiscal year, showcasing a remarkable growth of over 10 times since the fiscal year 2016-17.
This milestone underscores India's robust growth in the defence sector, positioning it as a major global player with exports to over 85 countries and active participation from 100 companies.
A pivotal moment unfolded during the 'Swavlamban 2.0' session when Defence Minister Rajnath Singh revealed the fifth positive indigenisation list, shining a spotlight on 98 items designated for local sourcing.
Also, a record 75 per cent — around Rs 1 lakh crore of the defence capital procurement budget was earmarked for the domestic industry in FY 2023-24, up from 68 per cent in FY 2022-23.
The 14th Aero India event witnessed the grand inauguration of the HAL Helicopter Factory in Tumakuru, Karnataka, inaugurated by Prime Minister Narendra Modi.
This state-of-the-art facility, celebrated as India's largest helicopter manufacturing plant, is poised to roll out light utility helicopters.
In a significant stride, the Indian Air Force welcomed the first twin-seater light combat aircraft 'Tejas,' with HAL securing a noteworthy order for 83 light combat aircraft.
The Defence Acquisition Council further greenlit proposals exceeding Rs 3.50 lakh crore in 2023, emphasising a focus on enhancing operational readiness.
Concurrently, the Border Roads Organisation made a substantial contribution by dedicating 118 infrastructure projects to the nation.
Adding a progressive touch, the Regiment of Artillery actively embraced gender inclusion by commissioning 10 female officers in 2023.
This collective progress showcases India's decade-long growth trajectory in the defense sector, setting the stage for continued advancements and a resilient defence industry.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Nayan Dwivedi is Staff Writer at Swarajya.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.