What are the factors contributing to the record high defense production in 2023-24 according to the Ministry of Defence
Ministry of Defence announces that defense production has hit a record high of nearly ₹1.27 lakh crore in 2023-24.
The record high defense production in 2023-24 can be attributed to several factors, as stated by the Ministry of Defence:
- Implementation of favorable government policies to boost indigenous defense manufacturing.
- Ramped-up efforts to enhance Make in India initiatives in the defense sector.
- Increased collaboration between public and private defense sector companies.
- Growing focus on self-reliance in defense production to reduce dependencies on imports.
- Technological advancements and innovations driving efficiency and productivity in defense manufacturing processes.
- Rising defense budget allocation supporting the expansion of defense production capabilities.
- Improved infrastructure and logistics facilitating smoother production processes.
- Enhanced skill development programs to nurture a skilled workforce in the defense manufacturing sector.
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10 months ago