Defence Minister Rajnath Singh addresses a gathering during the 16th Foundation Day of IIT Mandi.
Credit: PTI Photo
New Delhi: India’s technological sector is poised to touch $300-350 billion (Rs 26-30 lakh crore) in the next five years, Defence Minister Rajnath Singh said on Monday, asking a bunch of IIT students to ensure such a growth while focusing on defence manufacturing.
“India’s technological sector is on the rise and is expected to reach $300-350 billion in the next five years. With more than 1.25 lakh start-ups and 110 unicorns, our country is emerging as the third-largest startup ecosystem in the world,” Singh said at the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi.
Asking the students to focus on tech solutions for defence manufacturing, Rajnath said the country’s goal is to have a defence export of Rs 50,000 crore by 2029 from the current level of Rs 23,000 in 2023-24. India has achieved 88 per cent self-sufficiency in ammunition production.
For the upcoming fiscal (2025-26), the defence export target stands at Rs 30,000 crore while defence production is likely to touch Rs 1.6 lakh crore.
Rajnath asked the students to be disruptors and not just adapters in the fast-paced world of technology. “The challenge is to adapt to the rapidly changing technology and to create new technologies. Don’t just be adapters; become the disruptors who lead innovation.”