Defence Exports To Reach INR 50,000 Crore By FY 2029-30 The growth is driven by the use of cutting edge technology in the defence sector
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Technology takes the centre stage as countries compete to master niche tech, such as Artificial Intelligence, to establish an edge in the current geopolitical scenario. Indian government's efforts to achieve self-reliance are yielding desired results as the defence exports, which were around just INR 600 crore ten years ago, crossed a record number of INR 21,000 crore in Financial Year 2023-24. The progress will continue and defence exports will reach INR 50,000 crore by 2029-30, said Defence Minister Rajnath Singh.
Based on technological developments, there are three groups of countries – the first are at the pinnacle in advanced tech; the second have reached a stagnant state and third are at a stage of technological take-off Placing India in the third group, Rajnath Singh stated that the nation is today surging towards the top position in technological advancements. He stressed on the need to get a hold on high-end technology, urging the youth to realise their potential and contribute to the country's progress. "India has dreamed of becoming a developed nation by 2047 on the strength of our youth. We must put in all our power to realise that dream," he said.
Highlighting the increasing role of technology in the defence ecosystem across the globe amidst ongoing conflicts, he said that the use of drones, laser warfare, cyber warfare, precision guided missiles and hypersonic missiles has transformed warfare into a technology-oriented one. "The biggest hurdle in achieving 'Aatmanirbharta' in defence is that we are compelled to import some high-end technologies necessary for our items. There is a need to focus on the defence application of modern cutting-edge technologies in view of the changing nature of warfare," he added.
Speaking about the development in defence, he highlighted the Innovations for Defence Excellence (iDEX) initiative which provides a grant of INR 1.5 crore to innovators and start-ups. He added that Acing Development of Innovative Technologies with iDEX (ADITI) scheme was launched to promote innovations in critical and strategic defence technologies, wherein start-ups are eligible to receive grant-in-aid of up to INR 25 crore for their research, development, and innovation endeavours in defence technology. He was addressing the 65th Foundation Day celebrations at Indian Institute of Technology (IIT), Kanpur.
