[ad_1]
23 May 2023
by Jon Grevatt
The value of defence production – or the sum of defence companies’ annual turnover – reached a record high of INR1 trillion (nearly USD13 billion) in FY 2022–23. (Indian MoD)
The value of defence production in India reached a record high of INR1.07 trillion (USD12.91 billion) in fiscal year (FY) 2022–23, the Ministry of Defence (MoD) in New Delhi has announced. The new record is a 12% increase over the value of defence production in FY 2021–22, when it reached INR948.5 billion.
The MoD said on 19 May that the value represents the sum of reported annual turnover by the country’s state-owned and private sector defence industry. It added that the figure for FY 2022–23 is likely to increase further once full-year financial data has been received from some private sector firms.
According to the MoD, the increase in production value is attributable to a series of industry reforms introduced in recent years. These include measures to integrate private sector firms into supply chains and to simplify the licensing procedures for these companies.
Get the full article by
subscribing to Janes
Already a Janes subscriber?
Keep reading
[ad_2]
Source link