For the first time, defence production crosses Rs one lakh crore this year – Defence News of India
Mazagon Dock delivers INS Vagsheer, the 6th and final Scorpene submarine. It sailed for sea trials, after which it will be commissioned into the fleet.
By Vikas Gupta
Trading Standard, May 20, 2023
India’s public and private defense production units have, for the first time, produced more than one lakh crore of rupees worth of goods and services in the last financial year.
A statement from the Ministry of Defense (MoD) revealed on Friday that the total value of defense production in the financial year 2022-23 exceeded Rs 1.07 lakh crore.
“Thanks to the constant efforts of the MoD, the value of defense production in the financial year (FY) 2022-23 has crossed the figure of Rs one lakh crore for the first time ever. The value currently stands at Rs 1,06,800 crore and it will increase again as data is received from the remaining private defense industries,” the Ministry of Defense said in a press release.
“The present value of defense production in the financial year 2022-23 is an increase of more than 12% from the financial year 2021-22, when the figure was Rs 95,000 crore,” said said the Department of Defense.
Explaining the increase in production, the Ministry of Defense said it is continuously working with defense industries and their associations to address the challenges they face and promote defense production in the country.
“A number of policy reforms have been undertaken to achieve the ease of doing business objective, including the integration of micro, small and medium-sized enterprises (MSMEs) and start-ups into the supply chain,” said the Ministry of Defense.
Because of these policies, industries, including MSMEs and start-ups, are open in defense design, development and manufacturing, the Defense Ministry said.
“There has been an almost 200% increase in the number of defense licenses issued to industries over the past 7-8 years by the government. These measures have given a boost to the defense industrial manufacturing ecosystem in the country and generated huge job opportunities,” he said.
Scorpene submarine, INS Vagsheer, begins sea trials
The sixth Project 75 submarine, the Kalvari-class submarine INS Vagsheer, began sea trials on Thursday.
The submarine was launched in April 2020 from the wet basin of Kanhoji Angre at Mazagon Dock Limited (MDL). THE INS Vaghsheer is expected to be delivered to the Indian Navy in early 2024 after the completion of its sea trials.
During these trials, INS Vagsheer will undergo extensive examinations of all of its systems at sea, including propulsion systems, weapons and sensors.