To give a major boast to the defence sector, Defence Ministry on Wednesday passed Rs 498.8 crore to support startups and innovation in the defence manufacturing sector.
Hailing the move, the Defence Secretary Ajay Kumar said that the step is a big boost to startups in defence. He stated that the approval will give a big boost to become self-reliant in the defence manufacturing sector, IANS reported.
Additional Secretary heading Defence Production Sanjay Jaju stated on social media "The Scheme with budgetary support of Rs 498.8 crore for iDEX aims to support 300 startups and 20 partner incubators over next five years to produce functional prototypes and foster innovation in Defence."
The approval has been given under the iDEX initiative which was introduced by the Ministry of Defence in 2018.
Earlier, Defence Minister Rajnath Singh said that the Innovations for Defence Excellence (iDEX) initiative stands out as one of the most effective and well-executed defence startup ecosystems created in our country as it promotes "Atmanirbhar Bharat" campaign.
He said that this is the first time that so many stakeholders are joining hands to support innovations in the defence sector.
India is the world’s largest defence equipment importer and is expected to spend around USD 220 Billion in the coming decade to modernize its armed forces.
iDEX has also made increasingly evident that achieving the goal of self-sufficiency for the Indian military will require a means to incorporate innovation rapidly in the weapons procurement process.
Ministry of Defence aims to create an ecosystem which fosters innovation and encourages technology development in Defence by engaging R&D institutes, academia, industries, start- ups and even individual innovators.
iDEX will function under the Defence Innovation Organisation (DIO) (formed as a 'Not For Profit' company under Section 8 of the Companies Act, 2013), as its executive arm.
Image Source: IANS