New Delhi: Amid the corona crisis, Defence Minister Rajnath Singh has allowed a budget of about Rs ?499 crore for research and innovation in the defence sector for the next five years. The Defence Ministry on Sunday said the fund will be used to provide financial assistance to about 300 start-ups, micro, small and medium enterprises and individual innovators, which aim to ensure self-reliance in the defence sector.
Defence Minister @rajnathsingh approves ?498.8 crore budgetary support for defence innovation through @India_iDEX? PIB India (@PIB_India) June 13, 2021
The budgetary support will provide a big boost to the ?#AatmanirbharBharat Abhiyan?
Read: https://t.co/awCxw2C8PN pic.twitter.com/2bcxYtvjpP
The scheme is in line with the government's pressure to cut imports of military hardware and weapons and make India a defence manufacturing hub. In a statement, the Ministry said, Defence Minister Rajnath Singh has asked the Innovation for Defence Excellence (iDEX)-Defence Innovation Organisation to 498 crores for the next 5 years. Budgetary support of Rs.8 crorehas been allowed. The Ministry also informed that the setting up of IDEX Framework and setting up of DIO by Department of Defence Production is aimed at creating an ecosystem to promote innovation and technology development in defence and aerospace sector.
The Ministry said that 498 crores for the next 5 years. The scheme aims to provide financial help to about 300 start-ups/MSMEs/individual innovators and 20 partner incubators under the DIO Framework with a budget of Rs 8 crore. According to the Ministry of Defence, the scheme aims to facilitate faster development of new, indigenous and innovative technology for the Indian defence and aerospace sector to meet their needs in a short span of time. Over the years, the Government has unveiled a number of reform measures and initiatives to make India a hub for defence manufacturing.