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 value of defence production in the Financial Year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever, according to the Ministry of Defence.

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 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 statement, the government is continuously working with defence industries and their associations to remove the challenges they face and promote defence production in the country. Several policy reforms have been taken to achieve the objective of ease of doing business, including integrating MSMEs and start-ups into the supply chain.

Due to these policies, industries, including MSMEs and start-ups, are forthcoming in defence design, development and manufacturing and there has been almost a 200 per cent increase in the number of defence licenses issued to the industries in the last 7-8 years, the ministry said in a statement.