Union Finance Minister Nirmala Sitharaman on Monday said India needs to build tech-savvy forces to protect its digital world, which is a catalyst for economic growth, at a time when technology, if misused by vested interests, can threaten the country’s financial services and national security.

She further said that India now stands among the top 25 global arms exporters.

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“From being the second largest arms importer in 2015 to 2019, as I said, India is now among the top 25 arms exporters with over 100 companies exporting products like BrahMos missiles, Pinaka rocket systems, and Dornier aircrafts,” she said.

During her address at the 4th Convocation Ceremony of Rashtriya Raksha University in Gandhinagar, Gujarat, the finance minister, “At this juncture, it is important for us to recognize new challenges which are facing the country’s security, and not just at the borders.”

“Today, technology doesn’t wait to recognize borders. Technology, as much as it’s available for us to increase productivity, is also being misused by some vested interests or dark forces.”

The country’s Digital Public Infrastructure (DPI), which has become an enabler in the lives of people, is also facing threats, including banks, stock markets, payment institutions, or platforms running online marketing or cab services, she said.

Sitharaman also emphasised that India has achieved unprecedented growth in indigenous defence production. In the financial year 2023-24, the country reached a record-high defence production value of Rs 1.27 lakh crore, marking a 2.7-fold increase compared to 2014-15.

Defence exports also hit an all-time high of Rs 21,083 crore in 2023-24, a remarkable leap from just Rs 686 crore in 2013-14, representing a 30-fold increase over a decade.

She stated: “Now, India has achieved the highest ever growth in indigenous defence production, and this is where I’d like to share the number. In value terms, today we’ve reached a record high of Rs 1.27 lakh crores in 2023-24.”

Sitharaman highlighted the importance of coastal security and maritime trade in national security, and lauded the Rashtriya Raksha University for training Indian coastal security forces and noted that over 80 per cent of global goods trade is carried by ships.

She further emphasized the government’s focus on improving port infrastructure, stating that India’s port capacity has doubled in the last decade.

“Over the last decade, we have doubled the capacity of our ports. And I want you to be sure that the policy of Prime Minister Narendra Modi is to ensure that our borders are given that much attention with policy and money.”