He stated, India, with over 1.25 lakh start-ups and 110 unicorns, has emerged as the world’s third-largest start-up ecosystem. The Minister said the government was committed to creating a robust defence industry in India, to support the security of the nation and contribute to the economic growth of the country. He called upon IIT-Mandi students to leverage this period of opportunity and innovation to contribute to India’s technological advancements and establish leadership in research and development globally. Mr. Singh advised them to follow the principles of ‘initiate, improve and transform.’ He underscored the importance of fostering a culture of entrepreneurship and innovation that would allow India to lead in emerging fields, including artificial intelligence, machine learning and digital technologies. The Defence Minister also highlighted India’s digital economy. He said, “India’s telecom sector is now the second-largest in the world. With the success of initiatives like UPI (Unified Payments Interface), India is setting global standards in digital transactions . We are in the midst of an unparalleled digital revolution. Technological innovation is central to India’s growth story in the coming decades.”