NEW DELHI: Defence Minister Rajnath Singh has approved a budgetary support of Rs 498.8 crore to Innovations for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO) for the next five years.
The Defence Ministry said the funds would 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 DIO has the primary objective of self-reliance and indigenisation in defence and aerospace sector of the country.
The scheme is aimed at providing financial support to nearly 300 start-ups and individual innovators, and 20 partners under the DIO framework.
It will support increased awareness in the Indian innovation about defence needs and, conversely, in the Indian Defence establishment about the potential of the Indian innovation eco-system to deliver innovative solutions to meet their needs.