India's Defence Production Hits Record High of Rs 1.27 Lakh Crore in 2023-24

India's annual defence production reached approximately Rs 1.27 lakh crore in 2023-24, marking a record high. Defence Minister Rajnath Singh highlighted the achievement and attributed it to the Make in India programme and government-led initiatives for self-reliance.

India's annual defence production has soared to a record high of approximately Rs 1.27 lakh crore for the fiscal year 2023-24, Defence Minister Rajnath Singh announced on Friday.

In an official statement, Singh congratulated the Indian defence sector for reaching this milestone, attributing it to the successful implementation of the 'Make in India' programme and various government initiatives aimed at self-reliance. The ministry confirmed a 16.7 per cent growth from the previous year's figure of Rs 1,08,684 crore.

Defence exports have also been on the rise, touching a record-high of Rs 21,083 crore in FY 2023-24, reflecting a substantial 32.5 per cent increase over the last fiscal. Singh emphasised the government's commitment to making India a global hub for defence manufacturing.

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