India is set to become a leading exporter of defence equipment within ten years, targeting ₹50,000 crore in exports by 2028 and ₹1 lakh crore by 2035, with a significant decrease in imports. Nearly 90% of last year's capital acquisition budget was spent on indigenous systems.

Kamat said the country's defence imports have been decreasing, and out of the capital acquisition budget last year, nearly 90 per cent was used on indigenous systems.

Kamat was speaking at Chhatrapati Shahu College of Engineering, where he inaugurated the Defence Innovation Challenge for Excellence (DICE) organised by the Marathwada Accelerator for Growth and Incubation Council (MAGIC).

"It is true that ten years ago, we were leading importers of defence systems. But if we look at last year's figures, out of our capital acquisition budget, nearly 90 per cent was used on indigenous systems. I am confident that in ten years the imports will be negligible. A country can't make everything. So five to 10 per cent (import) will remain," he said.

India will be among the leading exporters of defence equipment in ten years, he added.

He said, "The spending on defence-related research should be more. However, we are not a developed country yet, and there are other priorities. We have to invest more in technology."

Director of MAGIC Prasad Kokil said applications for the innovation challenge are open till October 31, and the final round will take place in December.

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