Surat: Seminar organized on ‘Business Opportunities in Defense Sector’ during Chamber’s Industry-2024 Exhibition. Loktej Surat, Business News

South Gujarat Chamber of Commerce and Industry organized a seminar on ‘Business Opportunities in Defense Sector’ on 23 February 2024 at 2:00 pm at Samhati, Sarsana, Surat. In which Arun Chaudhary, Director of Industry Interface and Technology Management of DRDO, the Defense Research and Development Organization of the Government of India, and Rishabh Goradia, Director of Syncthreads Computing Pvt. Ltd., informed the entrepreneurs about business opportunities in the defense sector.

Chamber of Commerce President Ramesh Vaghasia said, “At present, India spends 3.7 percent in the world in the defense sector. Which is the highest defense spending country in the world after America and China. The budget of the defense sector in the financial year 2023-2024 has been Rs 5,93,537.64 crore. Make in India aims to promote domestic defense production. Which was 54 percent in the year 2019, it has increased to 75 percent by the year 2024. India is witnessing unprecedented growth in defense exports. In the year 2014, the export of defense sector was Rs 686 crore, which has now increased to Rs 16,000 crore.

He further said, ‘India is currently exporting various defense equipment to more than 85 countries. Along with making many efforts for innovation in the defense sector, the government has also opened the doors of the defense sector for startups. The government announced the National Data Governance Policy in the financial year 2023-2023 to encourage innovation and research in the defense sector while encouraging start-ups.

Arun Chaudhary said, ‘There are many business opportunities in the defense sector, but the most important thing is that there is innovation and research in the product, which makes it useful for the defense sector. Currently, India is exporting arms to more than 85 countries of the world, it can increase its capacity to export to smaller countries like Ghana and Vietnam, which mainly includes artillery guns, Brahmas missiles, Pinaka rocket launchers and radars. .

Talking about the opportunities in the defense sector, he said, ‘AI is research in various areas like cyber security, AI, counter-terrorism operations, attack strategies, electro-mechanical, electronics as well as innovation. . There are many new opportunities for start-ups. He explained how DRDO helps the MSME industry from the very beginning through testing, research and development as well as training and how a new MSME company can take advantage of the same. Along with this, while remembering the history of DRDO, he gave information about the work of the organization which started in the year 1958 with just Rs 5 crore.

Rishabh Goradia, Director, Syncthreads Computing Pvt Ltd said, “The defense sector is a big market for start-ups. In which start-up and innovative companies get many types of assistance from the government. There are many opportunities in the digital sector in India’s defense sector as well. What kind of products does the Indian Army require? If a product is made after research, it can be easy for the entrepreneur to join DRDO. ,

He gave information about business verticals like navigation systems, artificial intelligence used in the Indian Army. Giving information about navigation, he said that without satellite and mobile data, soldiers use the system to choose the right route.

Nikhil Madrasi, Honorary Minister of the Chamber of Commerce, conducted the proceedings. Asha Dave, Chairperson of the Defense Committee of the Chamber, thanked everyone. While Defense Committee members Ravin Sanghvi and Dr. D.V. Bhatt introduced the speakers.