India’s tech sector to reach $300-350 bn in 5 years; defence exports target ₹50,000 crore: Rajnath Singh

India’s technology sector is on the rise and is expected to reach USD 300-350 billion in the next five years, Defence Minister Rajnath Singh said on Monday.

Addressing the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi in Himachal Pradesh, Singh said India, with over 1.25 lakh start-ups and 110 unicorns, has emerged as the world’s third-largest start-up ecosystem.

He urged students to leverage this period of opportunity and innovation to contribute to India’s technological advancements and establish leadership in research and development globally.

Highlighting the importance of fostering entrepreneurship and innovation, Singh underscored India's potential in emerging fields such as artificial intelligence, machine learning, and digital technologies. He lauded IIT Mandi’s role in driving scientific and technological progress and called for increased focus on defence-related research and development.

“IIT Mandi must play a more significant role in defence technologies. Collaboration with DRDO should be expanded, especially in areas such as AI-driven warfare, indigenous AI chip development, cybersecurity, and quantum technology,” he said.

The minister also detailed India’s progress in defence self-reliance, stating that the country has achieved 88% self-sufficiency in ammunition production, with defence exports reaching approximately Rs 23,000 crore in 2023-24.

“Our goal is to reach ₹50,000 crore in defence exports by 2029.”

Speaking on India’s digital transformation, Singh said the country has made remarkable strides in telecommunications and digital transactions, with the Unified Payments Interface (UPI) setting global benchmarks.

“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.

Encouraging students to drive innovation, Singh advised them to follow the principles of ‘Initiate, Improve, and Transform (IIT).’ He urged them to be bold in their pursuit of knowledge and strive to become disruptors rather than mere adapters in the technology landscape.

“The biggest challenge today is to adapt to the rapidly changing technology, but also to create new technologies. Don’t just be adapters; become the disruptors who lead innovation,” he said, calling on young innovators to set ambitious goals.

Singh also inaugurated two new buildings at IIT Mandi—the Guidance & Counselling Centre and the Centre for Continuing Education—designed to enhance academic and research capabilities.