India Targets ₹50,000 Crore Defence Exports by 2029

The defence minister Rajnath Singh has declared that India intends to reach ₹50,000 crore in defence exports by 2029. During his address at IIT Mandi's 16th Foundation Day celebration he described the essential place technological innovation has in developing both economic growth and India's self-reliance abilities.

Defence Self-Sufficiency & Export Goals

• 88% self-sufficiency in ammunition production achieved.

• Defence exports reached ₹23,000 crore in 2023-24.

• By 2029 the defense export goal is set at ₹50,000 crore to develop the domestic defense production capabilities.

• The defense sector of India delivers its military equipment to more than 90 international nations and currently produces defense products worth ₹1.27 lakh crore.

Role of Technological Innovation

• The IIT student body receives direction toward finding technological approaches for military advancement.

• The drive to deploy artificial intelligence alongside machine learning and digital technology focuses on developing global leadership strength for India.

• The innovation and entrepreneurship principle "Initiate, Improve, and Transform (IIT)" serves as a suggested model.

India’s Expanding Digital Economy

• The Indian technology industry has set predictions that it will exceed $300-350 billion value within the next five years.

• 1.25 lakh startups and 110 unicorns have placed India as the third-largest startup ecosystem worldwide.

• Second-largest telecom sector in the world.

• UPI presents global standards to achieve top performance in digital payment systems.

• The student population needs to become part of India's digital ecosystem expansion efforts.

Conclusion

The defense sector and digital sector of India are experiencing worldwide growth because of the country’s dedication to self-reliance and innovation in both domains. India will attain its security targets and modern economic ambitions in future decades because of its commitment to developing entrepreneurial research structures.