India’s technology sector is projected to reach a valuation of $300-350 billion over the next five years, Defence Minister Rajnath Singh said on Monday.
Speaking at the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi in Himachal Pradesh, Singh urged students to seize opportunities to drive technological progress both domestically and globally.
“With more than 1.25 lakh start-ups and 110 unicorns, our country is emerging as the third-largest startup ecosystem in the world,” Singh said.
The Defence Minister stressed the importance of innovation and entrepreneurship, urging the country’s youth to contribute to areas such as Artificial Intelligence (AI), machine learning, and digital technologies. He praised IIT Mandi for its contributions to India’s scientific and technological progress, particularly its role in fostering research and development in these emerging fields.
He noted India’s achievement of 88% self-sufficiency in ammunition production and outlined plans to increase defence exports to Rs. 50,000 crore by 2029. “Our goal is to reach Rs. 50,000 crore in defence exports by 2029,”, he said. Singh called for increased contributions from IIT Mandi in defence-related technologies, including AI-driven warfare, AI chip development, cybersecurity, and quantum technology.
Singh also highlighted India’s remarkable digital progress, especially in the telecom sector, which has become the second-largest in the world. With initiatives like UPI setting global standards for digital transactions, he urged students to contribute to the country’s digital ecosystem and emphasised that technological innovation is crucial for India’s growth.
Encouraging students to aim high, Singh advised them to be disruptors in the fast-evolving technological landscape, not just adapters. He underlined the importance of courage, resilience, and collective effort in addressing national challenges through technology and innovation.
During the event, Singh inaugurated two new buildings at IIT Mandi: The Guidance & Counselling Centre and the Centre for Continuing Education. These facilities aim to enhance the academic ecosystem and support the personal and professional growth of students and faculty, strengthening IIT Mandi’s role in driving scientific and technological progress.
