(MENAFN- KNN India)
New Delhi, Jan 25 (KNN) India has achieved a remarkable milestone in its defense sector, recording a record domestic defense production of Rs 1.27 lakh crore in the fiscal year 2023-24.
This significant achievement underscores the government's Atmanirbhar Bharat (self-reliant India) initiative, which aims to reduce dependency on international arms suppliers and bolster domestic manufacturing capabilities.
The transformation in India's defense production landscape has been profound. Historically, the country imported approximately 65-70 percent of its defense equipment.
However, current data reveals a dramatic reversal, with over 65 percent of defense equipment now manufactured domestically.
This shift is supported by a robust industrial base comprising 16 Defense Public Sector Units, over 430 licensed companies, and approximately 16,000 Micro, Small, and Medium Enterprises, with the private sector contributing 21 percent of the output.
The growth trajectory of defense production has been exponential. From Rs 46,429 crore in 2014-15, domestic defense production has surged by 174 percent, reaching Rs 1,27,265 crore in the current fiscal year.
The government projects this figure to exceed Rs 1.75 lakh crore in the ongoing fiscal period, with an ambitious target of Rs 3 lakh crore by 2029.
Equally impressive has been the expansion of defense exports. From a modest Rs 686 crore in fiscal year 2013-14, exports have skyrocketed to Rs 21,083 crore in 2023-24-a nearly 30-fold increase.
The export portfolio now includes advanced equipment such as bulletproof jackets, Dornier aircraft, Chetak helicopters, and interceptor boats. Notably, India now exports to over 100 countries, with the United States, France, and Armenia being top importers.
Key indigenous defense platforms exemplify India's technological advancement, including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System, Main Battle Tank Arjun, Light Combat Aircraft Tejas, and the recently commissioned aircraft carrier INS Vikrant.
These achievements demonstrate the country's growing capabilities in developing sophisticated military hardware.
Defense Minister Rajnath Singh has set an ambitious target of expanding defense exports to Rs 50,000 crore by 2029, signaling India's intent to establish itself as a significant global defense manufacturing and export hub.
This strategy not only enhances national security but also contributes to economic growth and international strategic positioning.
The rapid progress in defense production reflects a strategic approach to national security, economic development, and technological self-sufficiency, positioning India as an emerging player in the global defense manufacturing landscape.
(KNN Bureau)
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