India's Defence Sector Poised for R&D Investment Surge

At the CII Annual Business Summit, DRDO Chairman Dr. Samir V Kamat emphasized the need for increased R&D investment in the defence sector. With plans to double the budget allocation to 10% in five years, the focus is on advancing technologies like AI and becoming a development hub.

DRDO Chairman Dr. Samir V Kamat, at the CII Annual Business Summit in the national capital, called for bolstering research and development investment in the defence sector. He stated that the current 5% R&D allocation of the Defence budget is set to double to 10% within the next five years, after a promise from the Raksha Mantri.

Defence Minister Rajnath Singh, speaking at the same summit, highlighted the significant advancements and contributions of the defence sector to India's economy. Singh recounted the growth from Rs 43,000 crore to a staggering Rs 1,46,000 crore in defence production over the past decade, with the private sector's substantial involvement.

India's defense exports have surged from Rs 600-700 crore to Rs 24,000 crore, reaching nearly 100 countries, driven by more than 16,000 MSMEs in the sector. Singh mentioned India's readiness to adopt New Age Warfare Technology, stressing progress in AI, cyber defense, and space-based security.

(With inputs from agencies.)