"Raksha Mantri has promised increase to 10% of Defence budget for R&D": DRDO Chairman

New Delhi [India], May 29 (ANI): Chairman of the Defence Research and Development Organisation (DRDO), Dr Samir V Kamat, on Thursday, underlined the need for increased investment in research and development in the defence sector, while speaking at the CII Annual Business Summit in the national capital.
"We need to invest more in research and development. Today, we spend 5 per cent of our Defence budget on R&D. The Raksha Mantri has promised us that in the next five years, this will increase gradually to 10% of the Defence budget," said Dr Kamat, addressing a gathering of industry leaders and defence stakeholders," Kamat told during the CII Annual Business Summit.
Earlier, Defence Minister Rajnath Singh also addressed the Inaugural Plenary of Confederation of Indian Industry (CII) Annual Business Summit in New Delhi today.
According to the official statement by the MoD, the Defence Minister highlighted the critical role played by the defence sector in India's growth journey by enumerating the feats achieved due to the initiatives the Government took in the last decade.
While addressing the summit Defence Minister said, "10-11 years ago, our defence production was approximately. Rs 43,000 crore. Today, it has crossed the record figure of Rs 1,46,000 crore, with a contribution of over Rs 32,000 crore by the private sector. Our defence exports, which were around Rs 600-700 crore 10 years ago, have surpassed a record figure of Rs 24,000 crore today. Our weapons, systems, sub-systems, components, and services are reaching around 100 countries. Over 16,000 MSMEs associated with the defence sector have become the backbone of the supply chain. These companies are not only strengthening our self-reliance journey, but are also employing lakhs of people."
Singh added that today, India is not only producing fighter aircraft and missile systems, but it is also getting ready for New Age Warfare Technology.
"We are continuously making headway even in frontier technologies. Our progress in the field of Artificial Intelligence, Cyber Defence, Unmanned Systems, and Space-Based Security is being recognised on the global stage. India has the potential to become a development hub for engineering, high precision manufacturing and future technologies," he said.
Chief of the Naval Staff Admiral Dinesh K Tripathi, Chief of the Air Staff Air Chief Marshal AP Singh, Defence Secretary Rajesh Kumar Singh, Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat, Vice Chief of the Army Staff Lt Gen NS Raja Subramani, CII President Sanjiv Puri and industry leaders were among those who attended the event. (ANI)