In a big step towards promoting innovations and research in the defence space, Union Defence Minister Rajnath Singh has approved budgetary support of nearly Rs 499 crore for the next five years, Economic Times.
Singh has approved a total of Rs 498.8 crore for Innovations for Defence Excellence (iDEX) - Defence Innovation Organisation (DIO).
As per details shared by the Defence Ministry, the funds will be used to provide financial support to nearly 300 start-ups, micro, small and medium enterprises (MSMEs) and individual innovators with the larger goal of ensuring self-reliance. Funds will also be provided to 10 partner incubators.
The ministry shared that the setting up of the iDEX framework and establishment of the DIO by the Department of Defence Production (DDP) is aimed at creating an ecosystem to foster innovation and technology development in the defence and aerospace sectors.
Ministry added, "The scheme aims to facilitate rapid development of new, indigenised and innovative technologies for the Indian defence and aerospace sector to meet their needs in shorter timelines."