Defence Minister Approves Budgetary Support of Rs 499 cr for innovations

Defence Minister Rajnath Singh has approved the budgetary support of Rs 498.8 crore for iDEX-DIO (Innovations for Defence Excellence – Defence Innovation Organisation) for the next five years. 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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Objectives of IDEX:

• Facilitate rapid development of new, indigenized, and innovative technologies for the Indian defence and aerospace sector in shorter timelines.
• Create a culture of engagement with innovative startups, to encourage co-creation for defence and aerospace sectors.
• Empower a culture of technology co-creation and co-innovation within the defence and aerospace sectors.

About Defence Innovation Organization (DIO):

• Defence Innovation Organisation(DIO) is a not-for-profit Organisation, incorporated under Section 8 of the Companies Act.
• Founding Members: Its two founding members are Hindustan Aeronautics Limited (HAL) & Bharat Electronics Limited (BEL) – Defence Public Sector Undertakings (DPSUs).
• DIO will provide high-level policy guidance to iDEX. However, iDEX will be functionally autonomous. The CEO of both DIO and iDEX will be the same. It will facilitate coordination and separation of functions also without any conflicts.

Find More News Related to Defence