Defence Minister Rajnath Singh approves Rs. 498.8 crores budgetary support for Defence Innovation
The approved budgetary support will provide a big boost to the ‘Aatmanirbhar Bharat Abhiyan’ of PM Modi as iDEX-DIO has the primary objective of self-reliance and indigenization in defence and aerospace sector of the country.
The Union Defence Minister Rajnath Singh on June 13, 2021, gave his approval to the budgetary support of Rs. 498.8 crores to the innovations for Defence Excellence (iDEX)- Defence Innovation Organisation (DIO) for the next 5 years.
As per the press release, the approved budgetary support will provide a big boost to the ‘Aatmanirbhar Bharat Abhiyan’ of PM Modi as iDEX-DIO has the primary objective of self-reliance and indigenisation in defence and aerospace sector of the country.
Elated to share another boost towards #AtmaNirbharBharat & indigenization in the Defence & Aerospace Sector!— iDEX DIO (@India_iDEX) June 10, 2021
Rs 498.8 Crore approved by @DefProdnIndia for iDEX!
Aiming to support more than 300 startups and over 20 world class incubators to strengthen the innovation ecosystem!
Objective of iDEX-DIO:
• The creation of the iDEX Framework and the establishment of the DIO by the Department of Defence Production (DDP) aims at creating an ecosystem to foster innovation and technology development in aerospace and defence by engaging the industries including start-ups, MSMEs, R& D Institutes, individual innovators.
• It aims at providing them funding and other support to carry out the Research & Development which has good potential for the future adaptation for Indian defence and aerospace needs.
• iDEX-DIO supports the increased awareness in the Indian Innovation System about the Defence needs and in the Indian defence establishment about the potential of the Indian Innovation eco-system to deliver innovative solutions to meet their needs.
In what way the funding will help defence innovation?
• The scheme with the budgetary support of Rs. 498.8 crores for the next five years will provide financial support to nearly 300 MSMEs, startups and individual innovators as well as 20 partner incubators under the DIO framework.
• The DDP will be releasing the funds to DIO for managing and setting up the iDEX network in the form of Partner Incubators (PIs).
• Organizing various challenges/hackathons to shortlist the potential technologies and entities and; communicating with innovators/technology centers/startups of MSME through PI.
• Evaluating the technologies and products developed by the innovators/startups in terms of utility and impact on the defence and aerospace startup.