India’s Tech Sector Set to Reach USD 300-350 Billion in Five Years, Says Defence Minister Rajnath Singh
India’s technology sector is poised for exponential growth and is expected to reach USD 300-350 billion in the next five years, Defence Minister Rajnath Singh announced on Monday. Speaking at the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi in Himachal Pradesh, Singh highlighted India’s emergence as the world’s third-largest start-up ecosystem, with over **1.25 lakh start-ups and 110 unicorns.
A Call for Innovation and Leadership
Addressing students and faculty, Singh urged young minds to seize the current period of opportunity and innovation to contribute to India’s technological advancements. He emphasized the importance of establishing global leadership in research and development (R&D) and fostering entrepreneurship in emerging fields such as artificial intelligence (AI), machine learning (ML), and digital technologies.
“India is at the forefront of a technological revolution. It is time for our youth to lead the charge in innovation and set new benchmarks globally,” Singh said.
Focus on Defence Technologies
Singh also stressed the need for greater collaboration between academic institutions and defence organizations. He called on IIT Mandi to play a pivotal role in advancing defence-related research, particularly in areas like AI-driven warfare, indigenous AI chip development, cybersecurity, and quantum technology.
“IIT Mandi must expand its collaboration with the Defence Research and Development Organisation (DRDO) to strengthen India’s defence capabilities. Our goal is to achieve self-reliance and global leadership in defence technologies,” he added.
India’s Defence and Digital Achievements
The Defence Minister highlighted India’s progress in defence self-reliance, noting that the country has achieved 88% self-sufficiency in ammunition production. He also revealed that defence exports reached approximately ₹23,000 crore in 2023-24, with a target of ₹50,000 crore by 2029.
On the digital front, Singh lauded India’s achievements in telecommunications and digital transactions. He highlighted the success of the Unified Payments Interface (UPI), which has set global benchmarks, and noted that India’s telecom sector is now the second-largest in the world.
“India is in the midst of an unparalleled digital revolution. Our initiatives like UPI are setting global standards, and we are proud of the strides we have made,” he said.
Encouraging Young Innovators
Singh encouraged students to embrace the principles of ‘Initiate, Improve, and Transform (IIT)’ and to be bold in their pursuit of knowledge. He urged them to become disruptors rather than mere adapters in the technology landscape.
“The biggest challenge today is not just to adapt to rapidly changing technology but to create new technologies. Don’t just follow trends; set them. Be the disruptors who lead innovation,” he said.
Inauguration of New Facilities
During the event, Singh inaugurated two new buildings at IIT Mandi—the Guidance & Counselling Centre and the Centre for Continuing Education. These facilities are designed to enhance the institute’s academic and research capabilities, furthering its mission to drive scientific and technological progress.
Looking Ahead
With India’s technology sector on the rise and its start-up ecosystem thriving, the country is well-positioned to become a global leader in innovation. The government’s focus on self-reliance, digital transformation, and defence technologies underscores its commitment to building a technologically advanced and self-sufficient nation.