India’s tech sector expected to grow to $350 bn by 2030: Rajnath at IIT-Mandi

Defence Minister Rajnath Singh today said that India’s technological sector was witnessing rapid expansion and it was projected to reach $300 billion to $350 billion in the next five years, making it a major player in the global tech landscape.

Rajnath, while speaking at the 16th Foundation Day of the Indian Institute of Technology (IIT), Mandi, emphasised the nation’s growing prominence in technological advancements and innovation.

He said, “India’s emergence as the third largest startup ecosystem globally, with over 1.25 lakh startups and 110 unicorns, highlights its robust entrepreneurial spirit,” He exhorted students to make good use of this period of growth and actively contribute to India’s technological progress while aiming for leadership in global research and development.

Rajnath focused on national security and outlined the IIT-Mandi’s critical role in advancing defence technologies. He lauded its collaborations with the Defence Research and Development Organisation (DRDO) and called for further involvement in AI-driven warfare, indigenous AI chip development, cyber security and quantum technology.

In line with India’s quest for defence self-reliance, he pointed out that India had achieved 88 per cent self-sufficiency in ammunition production and aimed to grow its defence exports from Rs 23,000 crore to Rs 50,000 crore by 2029.

Rajnath stressed the importance of creating new technologies and fostering innovation to stay ahead in the ever-evolving technological landscape. He urged students to take lead in emerging fields such as artificial intelligence (AI), machine learning and digital technologies, areas that were crucial to shaping the future.

He said, “As the world increasingly focuses on digital transformation, India is taking strides in digital innovation. India’s telecom sector is the second largest globally and with initiatives like the UPI, it is setting new global standards in digital transactions. We are witnessing a digital revolution that offers immense opportunities.”

He urged IIT-Mandi students to focus on technological solutions for the nation’s security needs. He spoke about the vision of a robust defence industry contributing not only to national security but also to economic growth. “Don’t just be adapters, become the disruptors who lead innovation,” he said and urged the students to be bold and persistent in their pursuit of knowledge.

The Defence Minister also discussed India’s aspirations for 2047, marking 100 years of independence, and encouraged the students to contribute to building a technologically advanced India by following the principles of “Initiate, Improve and Transform”.

Rajnath congratulated the IIT-Mandi for its remarkable achievements over the past 15 years. He noted that it had earned a place as a distinguished institution on the global educational map. He emphasised the importance of the IIT-Mandi’s unique location, blending ancient heritage with modern technological education and expressed confidence in its future contributions to India’s growth and global technological leadership.

Besides, the Defence Minister inaugurated two new buildings — Guidance and Counselling Centre and the Centre for Continuing Education at the IIT-Mandi. These new facilities are designed to support students’ academic and professional growth, providing essential infrastructure to ensure their success in the ever-evolving fields of science, technology, engineering, and management.

On the occasion, IIT Director Laxmidhar Behera put light on the achievements of the institution. Former Chief Minister Jai Ram Thakur; Vice-Chancellor of CSJM University, Kanpur, Vinay Kumar Pathak; Principal Adviser to Chief Minister’s Principal Adviser Gokul Butail, CTO - Robotics and AI, Rovial Space, France, Amit Kumar Pandey were the guests of honour of the event. Darang MLA Puran Chand Thakur also attend the function. Lt Gen Kanwal Jeet Singh Dhillon (retd), Chairman, Board of Governors, IIT-Mandi, and Prof Behera presided over the function.