New Delhi, Oct 7 (NationPress) Defence capital acquisitions have surged from Rs 74,000 crore in FY21-22 to Rs. 1.2 lakh crore in FY24-25, as stated by Defence Minister Rajnath Singh on Tuesday. He emphasized that the moment is ideal for the country to witness its inaugural defence unicorn—a startup valued at $1 billion or more.

During the ‘Raksha Navachar Samvaad: Interaction with iDEX Startups’ event, Rajnath Singh pointed out that, under the government's Public Procurement Policy, a minimum of 25 percent of annual procurement is set aside for Micro and Small Enterprises (MSEs), with over 350 items specifically designated for them.

“India’s journey towards self-reliance in defence has evolved from a mere slogan to a full-fledged movement. This transformation—from policy to practice, and from innovation to tangible impact—has been driven by our innovators, startups, and young entrepreneurs,” he highlighted.

Rajnath Singh urged startups to aim higher, noting that while India boasts over 100 unicorns today, none are in the defence sector. He called for change in this regard.

“Let India’s first Defence Unicorn arise from your midst. It will not only be a source of pride for you but also for the entire nation,” he said, reaffirming Prime Minister Modi's vision that the government will steadfastly support innovators and startups through every stage, from ideation to implementation.

He praised the collective endeavors of innovators, which have led to record-breaking achievements in defence production worth Rs 1.5 lakh crore and exports surpassing Rs 23,000 crore in the previous fiscal year.

“You are the architects of a new India that believes in designing, developing, and producing for itself. The energy and creativity you contribute are crucial for realizing the Prime Minister’s vision of a technologically self-reliant India,” the Defence Minister stated.

Reflecting on the launch of iDEX in 2018, Rajnath Singh described it as a groundbreaking initiative that has democratized defence innovation across India.

He explained that the inception of iDEX aimed to connect the talent of India’s youth with the technological requirements of the Armed Forces.

“In just seven years, over 650 iDEX winners have emerged, and procurements of prototypes worth more than Rs 3,000 crore have been secured. This signifies a revolution in India's defence innovation landscape,” he added.

Rajnath Singh further noted that prior to iDEX, Indian talent was making significant contributions worldwide, particularly in IT, telecom, and space, yet remained underutilized in defence.

“Through iDEX, we ensured that India’s talent is directed towards enhancing India’s security. This initiative has transcended being just a program; it is now a movement shaping the future of Indian defence manufacturing,” he emphasized.