Defence Production Hit Rs 1.27 Lakh Crore In FY 2023-24, Exports Cross Rs 21,000 Crore

India’s defence production has reached a record Rs 1.27 lakh crore in FY 2023-24, the Ministry of Defence said in a release on Tuesday. According to the ministry, the defence exports hit a record Rs 21,083 crore in FY 2023-24, expanding 30 times in a decade, with exports to 100+ countries.

As per the ministry, initiatives such as Make in India, which has enabled the development of advanced military platforms including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas have bolstered the growth in the defence production.

The growth has also been bolstered by Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR), as well as naval assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels.

Defence Production: More Details

The release added that once dependent on foreign suppliers, the country now stands as a rising force in indigenous manufacturing, shaping its military strength through homegrown capabilities.

The ministry said that the strategic policies have fuelled this momentum, encouraging private participation, technological innovation, and the development of advanced military platforms. The surge in the defence budget, from Rs 2.53 lakh crore in 2013-14 to Rs 6.81 lakh crore in 2025-26, underlines the nation’s determination to strengthen its military infrastructure.

According to the ministry, 65% of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70% import dependency, showcasing India’s self-reliance in defence.

A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities.

As per the ministry, the private sector plays a crucial role, contributing 21% to total defence production, fostering innovation and efficiency. The Defence Ministry further added that India targets Rs 3 lakh crore in defence production by 2029, reinforcing its position as a global defence manufacturing hub.

ALSO READ: RBI To Banks: Stop Overcharging On Priority Sector Loans Up To Rs 50,000 – What Does It Mean?