New Delhi, Oct 7 Defence capital acquisitions have increased from Rs 74,000 crore in FY21-22 to Rs. 1.2 lakh crore in FY24-25, Defence Minister Rajnath Singh said on Tuesday, adding that the time is ripe to have the first defence unicorn (a startup with a valuation of $1 billion and above) of the country soon.
Speaking at the ‘Raksha Navachar Samvaad: Interaction with iDEX Startups’ event here, Rajnath Singh highlighted that under the government’s Public Procurement Policy, at least 25 per cent of annual procurement is reserved for Micro and Small Enterprises (MSEs), and over 350 items have been earmarked exclusively for them.
"India’s self-reliance in defence has moved from being a slogan to becoming a movement. From policy to practice and from innovation to impact, this transformation has been made possible by our innovators, startups, and young entrepreneurs," he underscored.
Rajnath Singh encouraged startups to set higher benchmarks, underlining that India has more than 100 unicorns today, but none in the defence sector, calling upon them to change that.
“Let the first Defence Unicorn of India emerge from among you. It will be a matter of pride not only for you but for the entire nation,” he added, reiterating the vision of Prime Minister Narendra Modi that the government will continue to stand firmly behind innovators and startups and will be with them at every step from ideation to implementation.
He lauded the collective effort of innovators for contributing to record-breaking achievements in defence production worth Rs 1.5 lakh crore and exports exceeding Rs 23,000 crore in the last financial year.
"You are the architects of a new India that believes in designing, developing and producing for itself. The energy and innovation you bring are key to realising the Prime Minister’s vision of a technologically self-reliant India," the Defence Minister highlighted.
Recalling the inception of iDEX in 2018, Rajnath Singh described it as a transformational initiative that has democratised defence innovation in India.
He stated that when iDEX was launched, the idea was simple yet powerful to connect the talent of India’s youth with the technological needs of the Armed Forces.
“Today, in just seven years, more than 650 iDEX winners have emerged, and prototype procurements worth over Rs 3,000 crore have been ensured. This marks a revolution in India’s defence innovation landscape,” he added.
The minister further highlighted that before iDEX, Indian talent was making remarkable contributions globally, particularly in IT, telecom and space, but was underutilised in defence.
"Through iDEX, we ensured that India’s talent works for India’s security. Today, this initiative is not just a programme but a movement that is shaping the future of Indian defence manufacturing," he underlined.
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