Value Of Defence Production Crossed Rs 1 Lakh Crore-Mark For First Time In 2022-23: Centre
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NEW DELHI: The value of defence production crossed Rs 1 lakh crore-mark in 2022-23 – the first time ever in the country, the central government said on Friday. Minister of State for Defence Ajay Bhatt, in a written response to a query in Lok Sabha, also said that the government in the past few years has encouraged indigenous design and manufacture of defence equipment by the local industry, including MSMEs and start-ups, promoting the ease-of-doing business in defence manufacture and technology in the country. When asked whether the value of defence production crossed the figure of Rs 1 lakh crore for the first time ever in the financial year 2022-23, the minister said, "Yes, sir." Bhatt said the Union government promotes participation of MSMEs and start-ups for the development of defence technology under schemes such as Innovations for Defence Excellence (iDEX), Technology Development Fund (TDF), and make procedure under Defence Acquisition Procedure (DAP) 2020