Shares of defence companies rose up to 13 per cent today (July 5) after Defence Minister Rajnath Singh announced that India's defence production recorded the highest ever growth in 2023-24. He said that the value of production has reached ₹1,26,887 crore in 2023-24- 16.8 per cent higher than the value of production of previous financial year.
Rajnath Singh, “India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in 2023-24 which is 16.8 per cent higher than the value of production of previous financial year.”
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Rajnath Singh said that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.
The defence ministry said, “The Ministry of Defence has achieved the highest-ever growth in indigenous defence production in value terms during financial year (FY) 2023-24, on the back of successful implementation of the policies and initiatives of the government, led by Prime Minister Narendra Modi, focussing on achieving 'Aatmanirbharta'.”
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On this, PM Narendra Modi said, “Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our security apparatus and make us Aatmanirbhar!”
{{/usCountry}}On this, PM Narendra Modi said, “Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our security apparatus and make us Aatmanirbhar!”
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