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Defence stocks surge as India posts highest ever growth in defence production
Rajnath Singh said that the government is committed to creating a more conducive regime for developing India as a leading global defence manufacturing hub.
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!”
