India: With strong support from the Ministry of Defense (MoD), the value of defense production in the fiscal year 2022-23 has reached a significant milestone of Rs one lakh crore, which is an exceptional achievement. Currently, the value stands at INR 1,06,800 crore, and we expect it to grow further as we include data from other private defense enterprises. This valuation represents a substantial increase of over 12% compared to the previous fiscal year, which recorded figures of INR 95,000 crore.

The government has worked closely with defense industries and their associations, overcoming obstacles to boost defense production in our country. We have introduced strategic policy reforms to make operations smoother and to include small and medium enterprises (MSMEs) as well as startups in the supply chain. These changes have created a favorable environment for businesses.

As a result, we have seen a significant change in the direction of industries, including MSMEs and startups, towards defense design, development, and manufacturing. This shift has led to a remarkable increase in the number of defense licenses issued by the government to these industries, with a growth rate of nearly 200% in the past seven to eight years. These measures have revitalized the domestic defense manufacturing ecosystem, creating more job opportunities while taking the industry to new heights.

Weapon simulators, tear gas launchers, torpedo loading mechanisms, alarm monitoring & control, night vision monocular and binocular, light weight torpedo and fire control systems, armored protection vehicles, weapons locating radar, HF radio, and coastal surveillance radar are some of the major defense equipment exports over the past five years, the defense ministry has informed parliament. This year's numbers have been supported by an upsurge of export contracts with Armenia that include Pinaka Multi Barrel Rocket Launchers, artillery guns, a variety of ammunition, and other systems. India currently exports weapons to over 80 countries, with the US being a significant recipient, according to officials. Significant exports are carried out by Indian firms that have received orders from US defense majors to supply components for platforms like the F-16 fighter jet, Chinook and Apache helicopters, among others.