The Union Defence Minister Rajnath Singh on Monday (February 24, 2025) said India had achieved 88% self-sufficiency in ammunition production, and defence exports had reached about ₹23,000 crore in 2023-24.
He was speaking at the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi in Himachal Pradesh.
“Our goal is to reach ₹50,000 crore in defence exports by 2029,” Mr. Singh said.
The Minister said the government was committed to creating a robust defence industry in India, which supported both the security of the nation, and contributed to the country’s economic growth. He called on IIT Mandi’s students to contribute to this vision by focusing on technological solutions that would enhance India’s defence capabilities and further advance the nation’s self-reliance in this critical sector.
Emphasising the necessity of innovation and knowledge creation in shaping the future of technology, Mr. Singh underscored the importance of fostering a culture of entrepreneurship and innovation that would allow India to lead in emerging fields, including Artificial Intelligence, machine learning, and digital technologies. He asked the students to excel in technological innovation in order to make India a developed country by 2047, and advised them to follow the principles of “initiate, improve, and transform (IIT)“.
“India’s technological sector is on the rise and is expected to reach $300-350 billion dollars 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,” Mr. Singh said.