NEW DELHI: Defence Minister Rajnath Singh has authorised an increase in financing under the Technology Development Fund (TDF) plan from Rs 10 crore to Rs 50 crore per project, According to an official release from the Defence Ministry.
The TDF scheme, which is run by the Defence Research and Development Organisation (DRDO), supports MSMEs and start-ups to develop components, products, systems, and technologies in-house.
In the Union Budget 2022-23, a quarter of the Defense Research and Development budget was earmarked for private business, start-ups, and academia.
The increased financing is in line with the budget release and will help to further the "Aatmanirbharta in Defense" agenda, according to the ministry. The TDF initiative intends to provide the military manufacturing sector a huge boost by pushing the industry to innovate and develop defence technology in order to put India on a path to self-sufficiency. The programme covers up to 90% of the total project cost and permits the industry to collaborate with other industries or universities.
The industry and startups will be able to create more complex technologies for present and future weapon systems and platforms and increase investment. According to the government, 56 projects have been approved under the TDF scheme thus far.
Defense Minister Rajnath Singh to embark on 3-day visit to Vietnam
From PM Modi to Mayawati congratulated CM Yogi on his birthday
PM Modi arrives in Lucknow to partake in UP Investors Summit