India's Defence Exports To Touch Rs 50,000 Crore By 2029-30: Rajnath Singh

Defence Minister Rajnath Singh on Saturday (2 November) said that India's self-reliance drive in defence was "yielding the desired results" and the country was poised to reach Rs 50,000 crore in defence exports by 2029-30.

Addressing the 65th Foundation Day event at the Indian Institute of Technology, Kanpur, the Defence Minister urged the Indian youth to indigenously develop high-end technologies, which the country imports, to realise Prime Minister Narendra Modi’s vision of 'Viksit Bharat'. 

Singh 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.

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.

The Defence Minister said that the government's efforts to achieve self-reliance are turning out to be highly successful as defence exports, which were around just Rs 600 crore 10 years ago, crossed a record number of Rs 21,000 crore in financial year 2023-24.

He exuded confidence that the progress will continue and defence exports will reach Rs 50,000 crore by 2029-30.

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

“The biggest hurdle in achieving ‘Aatmanirbharta’ in defence is that we are compelled to import some high-end technologies necessary for our items. There is a need to focus on defence application of modern cutting-edge technologies in view of the changing nature of warfare,” he added.

He 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.

“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.

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