Defence Minister Rajnath Singh has approved budgetary support of nearly Rs 499 Crore for research and innovation for Defence Excellence (iDEX)-Defence Innovation Organization (DIO) for the next five years.
The Defence Ministry on 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.
The ministry said that the iDEX–DIO has the primary objective of self-reliance and indigenization in the defence and aerospace sector. 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.
They said that the DIO will enable the creation of channels for innovators to engage and interact with the Indian defence production industry.
The scheme also aims to facilitate rapid development of new, indigenized and innovative technologies for the Indian defence and aerospace sector to meet their needs in shorter timelines.