New Delhi plans to tap a pool of more than 650 companies under the Innovation for Defense Excellence initiative
India is keen to have a defense “unicorn” from its startup pool, a senior official said on Tuesday, referring to the term for a private startup that achieves a $1 billion valuation.
At an interaction with over 650 startups at the Innovations for Defense Excellence (iDEX) conference, Defense Minister Rajnath Singh called on entrepreneurs to work towards setting up a unicorn.
”India has more than 100 unicorns today, but none in the defense sector,” he said. “Let the first unicorn emerge from among you – it will be a matter of pride for the nation.”
Domestic defense capital acquisitions will rise from just below $8.5 billion in the 2021-22 fiscal year to more than $13.5 billion in the 2024-25 fiscal year.
New Delhi has announced a string of initiatives in the defense sector. To boost micro and small enterprises (MSEs), the government has implemented a policy to procure 25% of the annual defense requirement from MSEs in 2022-23.
India now procures more than 350 products from MSEs, the minister said. “Self defense is no longer a slogan – it is a movement powered by innovation, startups, and youth,” Singh added.
Read more Russian region eyes Indian investmentThe country has also noted the concerns raised by its defense establishment amid a reported boost in militarization along its borders.
The Defense Acquisition Council (DAC) approved capital acquisition proposals worth $6.51 billion in March, followed by a nod for another tranche of $11.8 billion in July.
READ MORE: India and Brazil look to boost trade amid US tariffs
The DAC, led by Singh, also greenlighted the acquisition of more BrahMos missiles and armed drones, and a comprehensive annual maintenance contract for the S-400 air defense missile system.
India is among the world’s top defense importers and has historically partnered with Russia for equipment and technology.
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