By Staff Correspondent
In a momentous feat bolstered by unwavering dedication from the Ministry of Defence (MoD), the value of defence production in the fiscal year 2022-23 has eclipsed the significant milestone of Rs one lakh crore, marking an unparalleled achievement. At present, the value stands impressively at INR 1,06,800 crore, with further growth anticipated as data from remaining private defence enterprises is incorporated. This valuation represents a substantial increase of over 12 percent compared to the previous fiscal year, which recorded figures of INR 95,000 crore.
The government has maintained relentless collaboration with defence industries and their associations, surmounting obstacles to propel defence production within the nation. A series of strategic policy reforms have been instituted to streamline operations and seamlessly integrate micro, small, and medium enterprises (MSMEs) as well as startups into the intricate fabric of the supply chain, fostering an environment conducive to business.
These policies have prompted a remarkable shift in the trajectory of industries, including MSMEs and startups, towards defence design, development, and manufacturing. This transformative shift has unleashed an exponential surge in government-issued defence licenses for these industries, experiencing astounding growth of nearly 200 percent over the past seven to eight years. These measures have invigorated the domestic defence industrial manufacturing ecosystem, propelling it towards new horizons while concurrently engendering a surplus of employment opportunities.
