New Delhi, May 19 (IANS): The value of defence production in Financial Year (FY) 2022-23 in India has crossed Rs one lakh crore for the first time ever. The Ministry of Defence on Friday said that the continuous and consistent efforts were made for this result.
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 Ministry of Defence officials added.
According to them 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.
According to the officials, the defence production stands at almost Rs 1.07 lakh crore in Financial Year 2022-23, an increase of more than 12 per cent over 2021-22. 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, the officials added.
A number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and startups into the supply chain.
The ministry of defence said that due to these policies, the industries, including MSMEs and startups, 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.
The ministry has also approved four Positive Indigenisation Lists (PIL) of more than 2500 strategically-important Line Replacement Units (LRUs), Sub-systems, Spares and Components. A recent approval of this week includes high-end materials and spares, with import substitution value worth Rs 715 crore.
Beside this, the government has set up two Defence Industrial Corridors (DICs) in order to attract total investment worth Rs 20,000 crore by the year 2024-25 for defence industries, develop domestic supply chain and strengthen defence manufacturing ecosystem in the country.