Defence exports also touched a record-high of Rs 21,083 crore in FY24, reflecting a growth of 32.5% over the last fiscal.
The rally in defence stocks continued on Friday, led by Data Patterns (India) Ltd. and Cochin Shipyard Ltd., as Defence Minister Rajanath Singh announced that India registered the highest-ever growth in defence production of nearly Rs 1.27 lakh crore in the financial year-ended March 2024.
Shares of Data Patterns (India) Ltd. jumped nearly 7%, while those of Cochin Shipyard rose over 5%. Stocks of MTAR Technologies Ltd. and Mishra Dhatu Nigam Ltd. rose over 4%.
Marking significant milestones under the ‘Make in India’ initiative, Singh announced on Friday that the growth includes a substantial increase from the Rs 1,08,684 crore recorded in the financial year-ended March 2023.
Singh emphasised the government’s dedication for developing India into a leading global defence manufacturing hub, in a post on X, formerly Twitter.
The Ministry of Defence reported unprecedented growth in indigenous defence production during the previous fiscal, driven by the successful implementation of policies and initiatives aimed at achieving ‘Aatmanirbharta’ under Prime Minister Narendra Modi’s leadership.
Data from Defence Public Sector Undertakings, other PSUs manufacturing defence related products, and private companies indicated that the value of defence production in the country rose to a record Rs 1,26,887 crore, reflecting a 16.7% increase over the previous financial year.