India will become USD 10 trillion economy in 10-15 yrs

Defence Minister Rajnath Singh on Monday exuded confidence that India will become a USD 10 trillion economy in the next 10 to 15 years.

Speaking at the inaugural session of 'Def Connect 2019' organised by the Ministry of Defence to showcase the accomplishments of the Innovations for Defence Excellence (iDEX) initiative here, Singh said he was filled with a sense of pride looking at the startups today and stressed that passionate incubation is needed for them.

"Our Prime Minister Narendra Modi has set a target of USD 5 trillion economies by 2024. Looking at the talent India possesses, I am pretty confident that we can become USD 10 trillion economies in the next 10-15 years," he said.

Singh said India will emerge as a net innovator and net exporter of defence technologies rather than a net importer

Describing incubation as the most critical challenge, he said, "The idea may be great and the innovative mind can also find a solution. However, unless the process of careful and passionate incubation provides the ideal environment for nurturing and hand holding a creation, projects might fail."

Terming research, development and manufacturing as collaborative processes, he called for building cohesion between the public and private sector.

The defence minister assured the government's full support in the indigenisation of the defence industry and nation-building.

Speaking at the event, Defence Secretary Ajay Kumar said never had there been a dearth of innovators in the country.

However, iDEX has provided them with an opportunity to give the country cutting-edge technologies for the future, he said.

Secretary (Defence Production) Subhash Chandra said the aim is to fund 250 startups and achieve 50 tangible innovations in the next five years. The Ministry of Defence is in the process of seeking approvals of Rs 500 crore for the purpose.

Joint Secretary (Department of Industrial Production) Sanjay Jaju said the ministry is in the process of including few more incubation modules such as Indian Institutes of Technology Madras.