Saraswat is fellow of National Academy of Engineering, Aeronautical Society of India, Astronautical Society of India, and Institution of Engineers. He is a member of governing council of SAMEER and member of Board of Research of AICTE, CSIR labs, and board of studies of Osmania University. He is chairman, Combustion Institute (Indian Section), and Aeronautical Society of India (Hyderabad Branch). Dr. Saraswat is a forerunner in the development of number of critical missile technologies that were under denial due to the
Missile Technology Control Regime, thus making India self-reliant in Missile Technologies. He has headed various committees of
national importance.
After internal audit reports and CAG raising red flags over many of V. K. Saraswat's decisions, the Ministry of Defence[10] decided to impose severe restrictions on his financial powers.[11]Government of India in 2013 turned down his extension as DRDO's Chief.[12]