India’s defence production surges to Rs. 1.27 lakh crore in FY 2023-24, exports cross Rs. 21,000 cro

India’s defence production surges to Rs. 1.27 lakh crore in FY 2023-24, exports cross Rs. 21,000 crore mark

India’s defence production hit a record Rs. 1.27 lakh crore in FY 2023-24, marking a 174% rise since 2014-15, driven by the Make in India initiative. Defence exports also saw a significant boost, reaching Rs. 21,083 crore, a 30-fold increase in the last decade, with exports now spanning over 100 countries, according to an official statement from the Ministry of Defence on Monday.

This unprecedented growth has been fuelled by strategic initiatives like iDEX and SAMARTHYA, which are propelling technological advancements in areas such as artificial intelligence, cyber warfare, and indigenous weapon systems. Furthermore, over 14,000 items have been indigenized under the SRIJAN platform, with 3,000 more under the Positive Indigenisation Lists.

With ambitious targets set for the future, India aims to achieve Rs. 3 lakh crore in defence production and Rs. 50,000 crore in exports by 2029. The surge in production reflects the nation’s growing self-reliance in defence manufacturing, with advanced military platforms such as the Dhanush Artillery Gun System, Light Combat Aircraft (LCA) Tejas, and indigenous warships now being built domestically.

Boost in defence budget and modernization efforts

The Indian government’s focus on modernizing and expanding the country’s defence capabilities is underscored by a significant rise in the defence budget, which has surged from Rs. 2.53 lakh crore in 2013-14 to Rs. 6.81 lakh crore for 2025-26. This increase is part of the broader effort to strengthen India’s military infrastructure and achieve self-reliance in defence.

A major development in this push for modernization came with the recent approval by the Cabinet Committee on Security (CCS) for the procurement of the Advanced Towed Artillery Gun System (ATAGS), designed by DRDO in collaboration with Bharat Forge and Tata Advanced Systems. The deal includes 307 units of 155mm/52 caliber guns and 327 High Mobility 6×6 Gun Towing Vehicles, enhancing the firepower of 15 artillery regiments under the “Buy Indian – Indigenously Designed, Developed, and Manufactured” (IDDM) category. The estimated cost of this procurement is Rs. 7,000 crore.