India Defence Budget Rajnath Singh approves Rs 498.8 crore budgetary support for Defence innovation
New Delhi: 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 scheme is aimed at providing financial support to nearly 300 start-ups/MSMEs/individual innovators and 20 partner incubators under the DIO framework, a statement by Defence Ministry said.
The budgetary support will provide a big boost to the ‘Aatmanirbhar Bharat Abhiyan’ of Prime Minister Narendra Modi as iDEX–DIO has the primary objective of self-reliance and indigenisation in defence & aerospace sector of the country.
The Department of Defence Production (DDP) will release funds to DIO for setting up and managing the iDEX network in the form of Partner Incubators (PIs); communicating with innovators/start-ups/technology centres of MSMEs through the PIs, as per the statement.
The DIO, with its team, will enable the creation of channels for innovators to engage and interact with the Indian Defence production industry.
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