Defence Minister Rajnath Singh on Thursday said that the culture of venture capital funding for start-ups in India has developed. Singh was speaking at ‘Invest for Defence’ seminar in Gandhinagar, Gujarat, said, “It’s crucial & important. Success of start-up-based innovation ecosystem can be seen from number of unicorns that have crossed 100.” News agency ANI has tweeted the comments of the minister.
Gujarat | Culture of venture capital funding for start-ups developed in country. It’s crucial & important. Success of start-up-based innovation ecosystem can be seen from number of unicorns that have crossed 100:Defence min Rajnath Singh at‘Invest For Defence’ seminar,Gandhinagar pic.twitter.com/EbRjs1lKs5
— ANI (@ANI) October 20, 2022
The central government is making efforts to achieve a turnover of $22 billion by 2025 in defence production, Singh said. “By 2025, the government plans to increase defence production from $12 billion to $22 billion, according to a PTI report. The possibility of this figure exceeding $22 billion cannot be ruled out. You can just imagine the opportunities that will be available for the industry, with this kind of growth,” he said.
Between 2019 and 2021, Singh had quoted $26 billion as the defence production target for 2025. He also appealed to private players to come forward and invest in the Indian defence industry, saying it is at an important juncture.
Not just large corporates, even start-ups and MSMEs (micro small and medium enterprises) are now associated with the defence sector. This is the golden period for the defence sector, he said. “The Indian defence industry is the sunrise sector of the future,” the minister said.
On Wednesday, Singh, on the sidelines of Defence Expo 2022, said India is looking forward to furthering its engagement in the Indian Ocean Region (IOR) to ensure the region takes its rightful place as the driving engine of the global economy. He said India is determined to take a responsible role and continue to work for the regional and global security of the IOR.
Representatives of around 44 countries participated in the IOR meeting.
He said India is willing to work together with all the stakeholders to ensure a rules-based maritime border for the benefit of one and all in the region. He also said that interdependence instead of dominance is the only way to keep this important trade and energy waterway stable.
Singh called for IOR countries to put in a collective effort to address the present and emergent threats to ensure stability in the region.
The minister had said India looks forward to working with the representatives of governments, businesses and academia of partner countries to promote cooperation and closer interaction among the nations seeking peace and stability in the region.