(MENAFN) India is aiming to nurture its first defense “unicorn,” a private startup valued at $1 billion, a senior official said Tuesday. Speaking to more than 650 startups at the Innovations for Defense Excellence (iDEX) conference, Defense Minister Rajnath Singh encouraged entrepreneurs to pursue the milestone.

“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 are projected to rise from just under $8.5 billion in 2021-22 to over $13.5 billion in 2024-25. To support micro and small enterprises (MSEs), the government introduced a policy in 2022-23 requiring that 25% of annual defense procurement be sourced from MSEs. Currently, India procures more than 350 products from these enterprises.

“Self-defense is no longer a slogan – it is a movement powered by innovation, startups, and youth,” Singh added.

In response to increased militarization along its borders, India’s Defense Acquisition Council (DAC) approved capital acquisitions worth $6.51 billion in March and $11.8 billion in July. The DAC also cleared purchases of BrahMos missiles, armed drones, and a comprehensive annual maintenance contract for the S-400 air defense missile system.

Historically one of the world’s top defense importers, India has long partnered with Russia for equipment and technology.

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