HomeLatest NewsDefense Ministry approves Rs 498.8 crore for startups, innovation

Defense Ministry approves Rs 498.8 crore for startups, innovation

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New Delhi. The Defense Ministry on Wednesday approved Rs 498.8 crore to support startups and innovation in the defense manufacturing sector. Defense Secretary Ajay Kumar said that this step is going to give a big boost to startups in the defense sector. He said that this approval will give a big boost to self-reliance in the defense manufacturing sector.

Sanjay Jaju, Additional Secretary, Defense Production, said on social media, with a budgetary support of Rs 498.8 crore for iDex, the plan aims to support 300 startups and 20 partner incubators over the next five years to produce functional prototypes. and promote innovation in defence.

Earlier, Defense Minister Rajnath Singh had said that the IDEX or IDEX initiative is one of the most effective and well executed defense startup ecosystem created in our country and is working towards achieving self-reliance with the spirit of Atmanirbhar Bharat Abhiyan. would be a decisive step.

Singh said that for the first time such an environment has been created in the country when various stakeholders have been brought together to promote innovations in the defense sector.

In 2018, the Ministry of Defense launched the Innovation for Defense Excellence (Idex) initiative.

iDex aims to create an ecosystem that encourages innovation and technology development in defense by involving R&D institutions, academia, industries, start-ups and even individual innovators. (IANS)

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