The Ministry of Defence (MoD) has announced that the value of defence production in the Financial Year (FY) 2022-23 has crossed Rs one lakh crore for the first time ever.
According to the reports, the value currently stands at Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries.
The current value of defence production in FY 2022-23 is a rise of more than 12 per cent over FY 2021-22 when the figure was Rs 95,000 crore.
“The Government is continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country,” said MoD spokesperson.
According to the statement, due to a number of policy reforms with the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain, India has achieved higher production value.
“Due to these policies, industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing and there is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years by the Government, “said MoD spokesperson.
“These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities, the MoD said in the statement.