India`s defence production has surpassed the Rs one lakh crore mark for the first time in the financial year 2022-23, according to a statement by the Ministry of Defence on Friday, PTI reported. The total value of defence production in the country in 2021-22 was over Rs 95,000 crore.

In recent years, the government has implemented various measures to promote the domestic defence industry, and these efforts have yielded positive results. The ministry highlighted that the value of defence production in FY 2022-23 has reached Rs 1,06,800 crore and is expected to increase further once data is received from the remaining private defence industries.