Value of defence production in FY 2022-23 cross figure of one lakh crore rupees for the first time
The Defence Ministry has said that the value of defence production in the Financial Year (FY) 2022-23 has crossed the figure of one lakh crore rupees for the first time ever. It said the value currently stands 1 lakh 6 thousand 800 crore rupees and it will go further up once the data is received from the remaining private defence industries. The current value of defence production in the year 2022-23 is a rise of more than 12 per cent as compared to last financial year, which stood at 95,000 crore rupees.
In a statement, the Ministry said, 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. It said 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.
The Ministry said due to these policies in defence design, development and manufacturing, there is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years. It added that these measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities.