(MENAFN) India is setting its sights on establishing its first defense-sector “unicorn,” a private startup valued at over $1 billion, according to statements made by a senior official on Tuesday.

During an address to more than 650 startups at the Innovations for Defense Excellence (iDEX) conference, Defense Minister Rajnath Singh urged entrepreneurs to take the lead in developing such a venture.

“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.”

Defense-related capital acquisitions in India are projected to grow from just under $8.5 billion in the 2021–22 fiscal year to over $13.5 billion in 2024–25, reflecting the government’s continued push toward self-reliance in the sector.

New Delhi has introduced several measures to promote domestic production. Among them is a policy requiring that 25% of the defense ministry’s annual procurement come from micro and small enterprises (MSEs). Singh noted that India currently sources over 350 defense products from these smaller firms. “Self-defense is no longer a slogan – it is a movement powered by innovation, startups, and youth,” he emphasized.

The government’s defense expansion also comes amid heightened security concerns along India’s borders. Earlier this year, the Defense Acquisition Council approved procurement proposals worth $6.51 billion in March and another $11.8 billion in July, signaling sustained momentum in the country’s military modernization efforts.

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