Defence production crosses Rs 1 lakh crore mark for the first time ever
Tags: Economy/Finance Defence National News
The value of defense production in the financial year (FY) 2022-23 has crossed the Rs one lakh crore mark for the first time.
An overview of the news
The value is currently Rs 1,06,800 crore and may increase further once data is received from the remaining private defense industries.
The present value of defense production in FY 2022-23 is over 12 per cent higher than Rs 95,000 crore in FY 2021-22.
Government's efforts to boost defense production
Simplified defence industrial licensing, relaxation of export controls and grant of No Objection Certificate.
Specific incentives introduced under the foreign trade policy.
Defence Production & Export Promotion Policy 2020.
The government had issued two "positive indigenization lists" which included 209 items that could not be imported.
The government has also announced two dedicated corridors in Tamil Nadu and Uttar Pradesh to act as clusters of defense manufacturing.
The number of defense licenses issued by the government to industries has increased by almost 200 per cent in the last 7-8 years.
These measures have given a boost to the defense industrial manufacturing ecosystem in the country and have generated tremendous employment opportunities.
The vision of the government
To achieve a turnover of $25 billion, including exports of $5 billion in aerospace and defence goods and services by 2025.
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