Defence Minister Rajnath Singh has approved budgetary support of Rs 498.8 crore to Innovation for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO) for the next five years.
The Ministry said that the funds would be utilised in providing 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 assistance 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 coversely in the Indian Defence establishment about the potential of the Indian innovation eco-system to deliver innovative solutions to meet their requirements.