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Tech: India expects $300-$350bn sector in 5 years

Fiinews by Fiinews
February 26, 2025
in Technology
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Rajnath Singh addresses IIT Mandi students.

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Minister wants AI-driven warfare, indigenous chips

India’s technological sector is on the rise and is expected to reach US$300-$350 billion in the next five years, Defence Minister Rajnath Singh has told students of the Indian Institute of Technology (IIT) Mandi, Himachal Pradesh on 24 Feb.

Addressing the 16th Foundation Day of IIT Mandi, he encouraged the students to leverage this period of growth and opportunity, ensuring that they not only contribute to India’s technological advancements but also lead the way globally in key areas of research and development.

“With more than 1.25 lakh start-ups and 110 unicorns, our country is emerging as the third-largest start up ecosystem in the world,” the Minister informed the students and delegates https://digitalinasia.com/.

Rajnath Singh emphasised the necessity of innovation and knowledge creation in shaping the future of technology, underscoring the importance of fostering a culture of entrepreneurship and innovation that would allow India to lead in emerging fields such as Artificial Intelligence, machine learning, and digital technologies https://www.makeinindia.com/home/.

He lauded the institution’s outstanding contributions to shaping India’s technological and scientific advancements, acknowledging IIT Mandi’s pivotal role in fostering innovation and research which supports India’s rising prominence as a global leader in technology https://www.conexpoconagg.com/.

He urged IIT Mandi to play a more significant role in defence-related technologies. He commended the existing collaboration with DRDO and called for further contributions in areas such as Artificial Intelligence (AI)-driven warfare, indigenous AI chip development, cybersecurity, and quantum technology https://www.bengalurutechsummit.com/ .

He also threw light on India’s progress in defence self-reliance, highlighting that “India has achieved 88% self-sufficiency in ammunition production, and defence exports have reached approximately Rs.23,000 crore in 2023-24. Our goal is to reach Rs.50,000 crore in defence exports by 2029.”

He bolstered the government’s commitment in creating a robust defence industry in India, one that supports both the security of the nation and contributes to the country’s economic growth https://sbi.com.in/.

He called on IIT Mandi’s students to contribute to this vision by focusing on technological solutions that can enhance India’s defence capabilities and further advance the nation’s self-reliance in this critical sector.

In line with India’s emerging digital economy, Rajnath Singh shared key highlights on the country’s remarkable digital progress.

“India’s telecom sector is now the second-largest in the world. With the success of initiatives like UPI, India is setting global standards in digital transactions. We are in the midst of an unparalleled digital revolution,” he said https://www.npci.org.in/.

He encouraged the students to actively contribute to the development of India’s digital ecosystem, reiterating that technological innovation is central to India’s growth story in the coming decades.

Further urging the students to excel in technological innovation in order to make the country developed by 2047, the Minister advised them to follow the principles of Initiate, Improve, and Transform (IIT).

Rajnath Singh also motivated them to be bold in their pursuit of knowledge and to remain persistent in the face of challenges.

He also spoke about the need for courage and resilience as the country faced the challenges of the future, and highlighted the importance of working collectively to address national challenges with technology and innovation.

He inaugurated two new buildings, the Guidance & Counselling Centre and the Centre for Continuing Education during the event. Both buildings are designed to enhance the academic ecosystem and contribute to the personal and professional growth of the students and faculty. Fiinews.com

Tags: Ministry of Defence
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