<p>For the first time, the value of India's defence production has crossed Rs one lakh crore mark in the financial year 2022-23, the defence ministry said on Friday.</p>.<p>The value of total defence production in the country in 2021-22 was over Rs 95,000 crore.</p>.<p>In the last few years, the government has taken a series of measures to promote the domestic defence industry.</p>.<p>"As a result of the consistent efforts of the ministry of defence, the value of defence production in the financial year 2022-23 has crossed the figure of Rs one lakh crore for the first time ever," the ministry said.</p>.<p>"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," it said in a statement.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/india-will-be-a-developed-nation-by-2047-rajnath-singh-1218917.html" target="_blank">India will be a developed nation by 2047: Rajnath Singh</a></strong></p>.<p>The ministry said the value of defence production in 2022-23 is a rise of more than 12 per cent over the figure in 2021-22 when it was Rs 95,000 crore.</p>.<p>"The government is continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country," the ministry said.</p>.<p>It said a number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain.</p>.<p>The ministry said defence industries, including the MSMEs (Micro, Small and Medium Enterprises) and start-ups, have been coming forward in design, development and manufacturing of military hardware.</p>.<p>"There is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last seven-eight years by the government," the ministry said.</p>.<p>"These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities," it said.</p>.<p>India is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around $130 billion in capital procurement in the next five years.</p>.<p>The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.</p>.<p>The Defence Ministry has set a goal of a turnover of $25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2024-25 that included an export target of $5 billion (Rs 35,000 crore) worth of military hardware.</p>
<p>For the first time, the value of India's defence production has crossed Rs one lakh crore mark in the financial year 2022-23, the defence ministry said on Friday.</p>.<p>The value of total defence production in the country in 2021-22 was over Rs 95,000 crore.</p>.<p>In the last few years, the government has taken a series of measures to promote the domestic defence industry.</p>.<p>"As a result of the consistent efforts of the ministry of defence, the value of defence production in the financial year 2022-23 has crossed the figure of Rs one lakh crore for the first time ever," the ministry said.</p>.<p>"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," it said in a statement.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/india-will-be-a-developed-nation-by-2047-rajnath-singh-1218917.html" target="_blank">India will be a developed nation by 2047: Rajnath Singh</a></strong></p>.<p>The ministry said the value of defence production in 2022-23 is a rise of more than 12 per cent over the figure in 2021-22 when it was Rs 95,000 crore.</p>.<p>"The government is continuously working with defence industries and their associations to remove the challenges faced by them and promote defence production in the country," the ministry said.</p>.<p>It said a number of policy reforms have been taken to achieve the objective of ease of doing business, including the integration of MSMEs and start-ups into the supply chain.</p>.<p>The ministry said defence industries, including the MSMEs (Micro, Small and Medium Enterprises) and start-ups, have been coming forward in design, development and manufacturing of military hardware.</p>.<p>"There is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last seven-eight years by the government," the ministry said.</p>.<p>"These measures have given a boost to the defence industrial manufacturing ecosystem in the country and generated tremendous employment opportunities," it said.</p>.<p>India is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around $130 billion in capital procurement in the next five years.</p>.<p>The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.</p>.<p>The Defence Ministry has set a goal of a turnover of $25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2024-25 that included an export target of $5 billion (Rs 35,000 crore) worth of military hardware.</p>