Rajnath Singh approves budgetary support of nearly Rs 499 crore for innovations in defence sector

New Delhi, Jun 13, PTI: Defence Minister Rajnath Singh has approved budgetary support of nearly Rs 499 crore for research and innovation in the defence sector for the next five years.
The Defence Ministry Sunday said the funds will be used to provide financial support to nearly 300 start-ups, micro, small and medium enterprises (MSMEs) and individual innovators with a larger goal of ensuring self-reliance in the defence sector. The scheme is in sync with the government’s push to cut imports of military hardware and weapons and make India a hub for defence manufacturing. “Defence Minister Rajnath Singh has approved the budgetary support of Rs 498.8 crore to Innovations for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO) for the next five years,” the ministry said in a statement.
It said the iDEX–DIO has the primary objective of self-reliance and indigenisation in the defence and aerospace sector.
The ministry said 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 sector.
“The scheme, with budgetary support of Rs 498.8 crore for the next five years, is aimed at providing financial support to nearly 300 start-ups/MSMEs/individual innovators and 20 partner incubators under the DIO framework,” the ministry said.

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