The value of defence production in the Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever due to some of the major initiatives taken by the Ministry of Defence (MoD).
The value currently stands at Rs 1,06,800 crore and will go further up once the data is received from the remaining private defence industries, the MoD said Thursday. The current value of defence production in FY 2022-23 is an increase 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. A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain,” a press note said.
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. These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.