Defence exports will touch Rs 50,000 crore by 2029-30: Rajnath Singh

Kanpur (Uttar Pradesh) [India], November 2 (ANI): Union Defence Minister Rajnath Singh on Saturday expressed confidence that the country will export more than Rs 50,000 crore defence items by 2029-30, adding that the government is committed to collaborate with the academia for self-reliance in defence production.
Addressing the 65th Foundation Day celebrations at Indian Institute of Technology (IIT), here on Saturday, the Defence Minister called upon Indian youth to indigenously develop high-end technologies, which the country imports, to realise Prime Minister Narendra Modi's vision of Viksit Bharat.
He described technology as the biggest factor behind the rapid changes taking place in every field today, with countries competing to master niche tech, such as Artificial Intelligence, to establish an edge in the current geopolitical scenario.
Explaining it further, he pointed out that based on technological developments, there are three groups of countries - the first are at the pinnacle in advanced technology, 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 young ignited minds to realise their potential and contribute to the country's progress.
He termed institutions like IIT Kanpur as academic engines, which can provide a dynamism to India in the present competitive environment, and place it among the first set of countries.
Rajnath Singh said government's efforts of achieve self-reliance are yielding desired results as the defence exports, which were around just Rs 600 crore ten years ago, crossed a record number of Rs 21,000 crore in FY 2023-24.
He exuded confidence that the progress will continue and defence exports will reach Rs 50,000 crore by 2029-30.
Highlighting the increasing role of technology in the defence ecosystem across the globe amidst ongoing conflicts, Rajnath Singh said that the use of drones, laser warfare, cyber warfare, precision guided missiles and hypersonic missiles has transformed warfare into a technology-oriented operation.
"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 defence application of modern cutting-edge technologies in view of the changing nature of warfare," he said.
Rajnath Singh assured the Government's full support in this endeavour and reiterated the commitment to take all stakeholders, including the private sector and academia, together to make India self-reliant in defence.
"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. There is a proverb, 'If you want to go fast, go alone. If you want to go far, go together'. We need to walk together to achieve our target," he said.
Enumerating the steps taken by the Government to promote self-reliance and innovation in defence, the Defence Minister spoke about the Innovations for Defence Excellence (iDEX) initiative which provides a grant of Rs 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 Rs 25 crore for their research, development, and innovation endeavours in defence technology.
Raksha Mantri pointed out that manufacturing of a technology involves three major steps - ideation, application & production - and institutions like IIT Kanpur can play a big role from incubating ideas to creation of products. He underscored the importance of coming out with products and technologies, which become a necessity for the Armed Forces once they are developed.
As part of the celebrations, IIT Kanpur hosted a special event on defence innovation, aligning with the vision of 'Aatmanirbhar Bharat'.
A release said Rajnath Singh visited a Defence Research, Product, and Incubation Showcase organised by the Start-up Incubation and Innovation Centre (SIIC) at IIT Kanpur, which highlighted pioneering solutions from 23 SIIC-incubated start-ups, presenting advancements in defence technology such as autonomous systems, AI-driven surveillance, and next-generation communication tools.
Rajnath Singh engaged with Start-up founders and research teams at the exhibition stalls, commending their contributions to enhance national security.
Several MoUs were also signed to strengthen partnerships, including IIT Kanpur's collaborations with BEML and Hindustan Aeronautics Limited (HAL) to drive advancements in military logistics and defence innovation, and a partnership with Kanpur University to strengthen incubation efforts.
Secretary of DDR&D and DRDO Chairman Samir V Kamat presented sanction letters for six transformative DRDO projects, while SIDBI's Matching Offer for iDEX-funded start-ups further boosted essential funding support, the release said. (ANI)