India’s Defence Exports Hit Rs 23,000 Cr, Target Rs 50,000 Cr By 2029: Defence Minister

ENA Sectors 2025-02-25 14:22:52 Shimla, Feb 25 (KNN) Union Defence Minister Rajnath Singh announced that India's defence exports have reached Rs 23,000 crore in 2023-24, while the country has achieved 88 percent self-sufficiency in ammunition production. Speaking at the 16th Foundation Day of IIT Mandi, Singh outlined the government's ambitious target of increasing defence exports to Rs 50,000 crore by 2029. During his address, the Defence Minister emphasised the critical importance of technological advancement in strengthening India's defence capabilities. He specifically highlighted artificial intelligence warfare, cybersecurity, indigenous AI chip manufacturing, and quantum technology as key areas requiring focused development. Singh called upon IIT Mandi and other academic institutions to spearhead research initiatives in these strategic sectors. The Minister urged students to embrace technology innovation, encouraging them to follow what he termed the IIT mantra—Initiate, Improve, and Transform—to support India's vision of becoming a developed nation by 2047. We need AI-driven war doctrine, indigenous AI chips for defence and fire belts for cyber security, Singh stated, underscoring the technological priorities for India's defence sector. Highlighting India's accelerating technological progress, Singh projected that the technology sector would reach USD 300-350 billion within the next five years. He encouraged young innovators to lead global developments in artificial intelligence, machine learning, and digital technology rather than merely adapting to international trends. The Minister praised ongoing research efforts at IIT Mandi, particularly in robotics, drone technology, and augmented and virtual reality (AR-VR). Researchers of IIT Mandi are doing good work on Robotics, Drone technology, AR-VR technology and will contribute enthusiastically in these sectors and other similar cutting edge technologies in coming times, he noted. Singh also remarked on India's flourishing digital economy, noting that the country's telecommunication industry now ranks as the second-largest globally. He highlighted the Unified Payments Interface (UPI) as having established global standards for digital payment systems, further demonstrating India's technological capabilities and growing international influence in the digital domain. (KNN Bureau) 41196 https://knnindia.co.in/news/newsdetails/sectors/indias-defence-exports-hit-rs-23000-cr-target-rs-50000-cr-by-2029-defence-minister 2025-02-25 14:22:52 knnindia.co.in India’s Defence Exports Hit Rs 23,000 Cr, Target Rs 50,000 Cr By 2029: Defence Minister