FY24 defence production grows 17% to record high of Rs 1.27 trillion

India’s annual defence production reached a record Rs 1.27 trillion in FY24, a 16.7% increase from the previous year’s Rs 1.09 trillion. This achievement represents over 40% of the government's ambitious Rs 3 trillion target by FY29. The Ministry of Defence attributed the growth to successful implementation of policies promoting self-reliance and an increase in defence exports, which hit a record Rs 21,083 crore in FY24. Of the production value, 79.2% was from DPSUs and PSUs, while 20.8% came from the private sector. Defence Minister Rajnath Singh highlighted the progress under the “Make in India” initiative and anticipated further growth in the upcoming Budget.