Theme: Defence | Start-up opportunities in defence hindered by stringent credit rating demands: Shivaraman Ramaswamy, Co-founder, Big Bang Boom Solutions Private Limited

In this State of the Economy podcast, businessline’s Dalip Singh is joined by Shivaraman Ramaswamy, co-founder of Big Bang Boom Solutions Private Limited, who shares valuable insights as a start-up founder in the defence sector and the challenges that are faced. Regarding the Innovations for Defence Excellence (iDEX) scheme, Ramaswamy expresses optimism about its potential and explains the various steps involved, from challenges and problem statements to project selection and the advantages it offers, such as funding and end-user engagement. He also discusses his experiences with engagement across the three defence services, noting the proactive approach of the Navy and the efforts made by the Army and Air Force to collaborate with start-ups. Ramaswamy shares his thoughts on engaging with both defence PSUs and private sector companies, highlighting the challenges faced by start-ups when working with defence PSUs. In contrast, private sector companies have been more open to collaboration, often through joint tenders. The conversation touches upon issues related to procurement, including the need for better policies, repeat orders, and eliminating barriers that hinder start-ups' participation. Ramaswamy discusses the challenges related to credit ratings and how they impact start-up participation in tenders. He points out the need for changes in the tendering process to promote innovation. The discussion then turns to the importance of investing in R&D and the lack of innovation in the Indian defence sector. Ramaswamy emphasises the need for a culture of innovation and a willingness to accept failures as part of the R&D process. Lastly, he stresses the importance of inter-ministerial cooperation between the Ministry of Defence, the Ministry of External Affairs, and the DGFT to promote Indian defence exports, facilitate customs clearance for defence goods and improve the overall defence ecosystem in India. (Host: Dalip Singh, Producer: Nabodita Ganguly) ----------- About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups