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Exports: Defence exports set to reach Rs.50,000cr by 2029-30

Fiinews by Fiinews
November 3, 2024
in Exports
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Rajnath Singh highlights importance of technology in defence at IIT Kanpur.

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Minister highlights increasing role of technology in defence ecosystem

Defence Minister Rajnath Singh is confident that the Indian defence exports will reach Rs.50,000 crore by 2029-30 while he called on the youths to indigenously develop high-end technologies and help reduce imports of critical equipment and components https://www.bseindia.com/.

Addressing the 65th Foundation Day of IIT Kanpur on 2 Nov, he informed that defence exports totalled Rs.21,000 crore in 2023-24, up from Rs.600 crore 10 years ago https://www.nseindia.com/.

“The biggest hurdle in achieving ‘Aatmanirbharta’ in defence is that we are compelled to import some high-end technologies necessary for our items,” he said https://fieo.org/.

“There is a need to focus on defence application of modern cutting-edge technologies in view of the changing nature of warfare,” he underlined https://www.meity.gov.in/.

The Minister 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 https://sbi.com.in/.

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 tech; the second have reached a stagnant state and third are at a stage of technological take-off https://www.makeinindia.com/home/.

Placing India in the third group, Rajnath Singh stated that the nation is today surging towards the top position in technological advancements https://www.startupindia.gov.in/.

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 https://www.digitalasiahub.org/.

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 https://www.jpx.co.jp/english/.

Highlighting the increasing role of technology in the defence ecosystem across the globe amidst ongoing conflicts, the Minister said that the use of drones, laser warfare, cyber ​​warfare, precision guided missiles and hypersonic missiles has transformed warfare into a technology-oriented one http://deutsche-boerse.com.

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 https://www.investindia.gov.in/.

“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 https://www.wto.org/.

Enumerating the steps taken by the Government to promote self-reliance and innovation in defence, Raksha Mantri 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 https://www.sgx.com/.

The Minister 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 https://www.digitalasiahub.org/.

As part of the celebrations, IIT Kanpur hosted a special event on defence innovation, aligning with the vision of ‘Aatmanirbhar Bharat’.

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 http://euronext.com.

He also engaged with Start-up founders and research teams at the exhibition stalls, commending their contributions to enhance national security https://www.phdcci.in/.

Several MoUs were also signed during the Minister’s visit to strengthen partnerships, including IIT Kanpur’s collaborations with BEML and Hindustan Aeronautics Limited (HAL) to drive advancements in military logistics & defence innovation, and a partnership with Kanpur University to strengthen incubation efforts. Secretary of DDR&D and DRDO Chairman Dr 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 http://hkex.com.hk.

The event also included key discussions on the country’s latest defence initiatives, such as iDEX’s Defence India Start-up Challenge 12 and ADITI 2.0 Challenges, which provided attendees with valuable insights into the defence innovation landscape https://amchamindia.com/.

A commemorative tree plantation, led by Rajnath Singh, symbolised IIT Kanpur’s enduring legacy in technological and defence advancement and commitment to sustainability https://www.ibef.org/. Fiinews.com

Tags: Ministry of Defence
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