According to ANI reports, Defence Ministry Rajnath Singh on Sunday has approved the budgetary supports of Rs. 498.8 crores to Innovation for Defense Excellence (IDEX)- Defense Innovation Organization for the period of next 5 years
This budgetary support for the scheme, aims at providing monetary support to nearly 300 start-ups/ Individual Innovators/ Micro-Small and Medium Start-ups.
It also added that the scheme will also be aiming towards providing the same support to 20 partner incubators under the DIO framework.
This will however, provide increasing awareness in the Indian innovation ecosystem about defense needs and, conversely, in the Indian Defense establishment about the potential of the Indian innovation eco-system to deliver innovative solutions to meet their needs: Ministry of Defense, as per the ANI tweet.
This budgetary scheme is expected to boost up “Aatmanirbhar Bharat” of Prime Minister Narendra Modi as iDEX has a preliminary objective of indegenisation and self-reliance in aerospace and defense segment of the country.