India’s technological sector is on rise & is expected to reach Rs. 26,00,400- 30,33,800 crore in next five years: Mr. Rajnath Singh

India’s technology sector is witnessing rapid growth and is projected to reach Rs. 26,00,400- 30,33,800 crore (US$ 300-350 billion) over the next five years. Addressing the 16th Foundation Day of the Indian Institute of Technology (IIT) Mandi on February 24, 2025, Union Minister of Defence Mr. Rajnath Singh highlighted India’s emergence as the world’s third-largest start-up ecosystem, with over 1.25 lakh start-ups and 110 unicorns. He urged students to capitalise on this growth phase, contributing to India’s technological advancements and positioning the country as a global leader in research and development. He emphasised fostering a culture of innovation and entrepreneurship, particularly in Artificial Intelligence (AI), machine learning, and digital technologies. Acknowledging IIT Mandi’s contributions, he encouraged its role in defence-related technologies, including AI-driven warfare, Indigenous AI chip development, cybersecurity, and quantum technology. He highlighted India’s strides in defence self-reliance, stating that ammunition production has reached 88% self-sufficiency. In contrast, defence exports stood at approximately Rs. 23,000 crore (US$ 2.65 billion) in FY24, with a target of Rs. 50,000 crore (US$ 5.77 billion) by 2029. Further, he noted India's digital progress, citing the telecom sector as the world’s second-largest and the success of the Unified Payments Interface (UPI). Encouraging students to be innovators rather than mere adapters, he urged them to embrace the ‘Indian Dream’ by setting ambitious goals. He also inaugurated the Guidance & Counselling Centre and the Centre for Continuing Education to enhance the academic ecosystem and support research excellence at IIT Mandi.