Rajnath Singh, India’s defence minister, asserted on Thursday that venture capital backing for startups has become more common. It’s critical and important, Singh remarked while delivering a speech at the ‘Invest for Defense’ symposium in Gandhinagar, Gujarat. The ecosystem of start-up-based innovation has been successful, as seen by the 100+ unicorns.
According to Singh, the central government is working to increase defence production’s annual revenue to $22 billion by 2025. According to a PTI article, the government intends to raise defence output from $12 billion to $22 billion by 2025. It is not impossible for this amount to exceed $22 billion. With this kind of growth, you can only imagine the opportunities that will be present for the sector, he said.
Singh mentioned $26 billion as the defence production goal for 2025 between 2019 and 2021. In addition, he made a plea to private investors, noting that the Indian defence sector is at a crucial crossroads.
Even start-ups and MSMEs (micro small and medium companies) are now connected to the defence industry, not simply big corporations. According to him, this is the sector’s “golden age.” The minister remarked that “the Indian defence industry is the dawn sector of the future.”
The eco-system of startup innovation has been successful, as seen by the 100 + unicorns – Rajnath Singh
Rajnath Singh, India’s defence minister, asserted on Thursday that venture capital backing for startups has become more common. It’s critical and important, Singh remarked while delivering a speech at the ‘Invest for Defense’ symposium in Gandhinagar, Gujarat. The ecosystem of start-up-based innovation has been successful, as seen by the 100+ unicorns.
According to Singh, the central government is working to increase defence production’s annual revenue to $22 billion by 2025. According to a PTI article, the government intends to raise defence output from $12 billion to $22 billion by 2025. It is not impossible for this amount to exceed $22 billion. With this kind of growth, you can only imagine the opportunities that will be present for the sector, he said.
Singh mentioned $26 billion as the defence production goal for 2025 between 2019 and 2021. In addition, he made a plea to private investors, noting that the Indian defence sector is at a crucial crossroads.
Even start-ups and MSMEs (micro small and medium companies) are now connected to the defence industry, not simply big corporations. According to him, this is the sector’s “golden age.” The minister remarked that “the Indian defence industry is the dawn sector of the future.”
On the eve of Defense Expo 2022 on Wednesday, Singh stated that India was eager to deepen its participation in the Indian Ocean Region (IOR) and ensure that it assumed its proper position as the world’s economic engine. He declared that India is resolved to play a responsible role and keep working for the IOR’s security on the regional and international levels.
The IOR meeting was attended by representatives from about 44 different nations.
He stated that India is ready to collaborate with all parties involved to ensure a maritime border based on laws for the good of everyone in the area. He added that the only way to maintain the stability of this crucial commercial and energy canal is through interdependence rather than control.
