India Aims for Rs 50k Crore Defence Exports by 2030

Union Defence Minister Rajnath Singh expressed optimism about crossing Rs 50,000 crore in defence exports by 2029-30, emphasizing collaboration with academia for technological self-reliance. Speaking at IIT Kanpur, he urged youth to innovate locally to realize the vision of a developed India by 2047.

Union Defence Minister Rajnath Singh on Saturday voiced optimism that India could surpass Rs 50,000 crore in defence exports by 2029-30, underlining the government's commitment to collaborating with academic institutions for self-reliance in defence production. Addressing the 65th Foundation Day at the Indian Institute of Technology (IIT) Kanpur, Singh encouraged young Indians to develop high-end technologies domestically, contributing to Prime Minister Narendra Modi's vision of a developed India.

Singh emphasized the critical role of technology in global change, with nations racing to dominate sectors like Artificial Intelligence to gain geopolitical leverage. He categorized countries into three groups based on technological development: those at the pinnacle, those stagnant, and those at the take-off stage, placing India in the latter category on its journey to technological advancement.

He highlighted the progress in defense exports, which have significantly risen from Rs 600 crore ten years ago to over Rs 21,000 crore in FY 2023-24. Singh noted that technology's growing role in the defence ecosystem is evident in the ongoing conflicts worldwide, with innovations like drones and hypersonic missiles reshaping warfare dynamics. He reiterated the government's support and commitment to achieve technological self-reliance, involving private sectors and academia.

(With inputs from agencies.)