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1 Lakh New Jobs Created as India's Defence Manufacturing Sector Touches Rs 1.27 Lakh Crore Production Milestone
India's defence production has reached an all-time high of Rs 1.27 lakh crore in 2023-24. Defence minister, Rajnath Singh stated that military hardware was exported to over 90 countries. At this time, Rajnath Singh reiterated the decade-long success of the Make in India project launched by the NDA government.
Launched in 2014 by Prime Minister Narendra Modi, the Make in India scheme was aimed at making India, a self-reliant country. It mainly focused on achieving self-reliance across various sectors, including defence.
On this occasion, Defence Minister Rajanath Singh noted, “Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world.”
In the light of many attacks schemed at the China border against India, boosting India’s domestic defence manufacturing has been an imperial task.
With this enhancement, the military will now have better preparedness against attacks. While the 2023-24 Defence exports have proven to be magnificent with 21,000 crores, the government of India is now eyeing the prize with 50,000 to be achieved within five years.
The defence sector of India, despite being the biggest importer of arms and ammunition is leaned towards being self-sufficient.
With domestic defence manufacturing on the rise, the defence ministry aiming for a turnover of USD 25 billion (Rs 1.75 lakh crore) within five years.
To attract foreign investment, the government raised the FDI limit in the defence sector from 49% to 74% under the automatic route in May 2020, allowing 100% FDI in specific cases.
India's defence production milestone has marked a strategic leap forward with self-reliance as its goal.
As Rajnath Singh emphasized, India's rising prominence in the global defence landscape is a testament to the 'Make in India' programme's success.
As this significant milestone is achieved, India is looking at achieving full self-reliance in the defence manufacturing sector. Now, with 21,000, India is poised to become a global player.
On the other hand, the goal of raising this number to 50,000 will also prove to be a landmark achievement in the history of defence development.