Defense Minister Rajnath Singh has approved a budget of about Rs 499 crore for research and innovation in the defense sector for the next five years.

The Defense Ministry said today that the fund will be used to provide financial assistance to around 300 startups, small, small and medium industries (MSMEs) and individual innovators to achieve the goal of self-reliance in the defense sector.

The plan is part of the government’s effort to reduce imports of military equipment and weapons and make India a hub for defense manufacturing.

“Defence Minister Rajnath Singh has approved a budget of Rs 498.8 crore for Defense Excellence Innovation (IDEX)-Defence Innovation Organization (DIO) for the next five years,” the ministry said in a statement.

It said that the main objective of IDEX-DIO is self-reliance and indigenization in the defense and aeronautical sector.

“The scheme with a budgetary support of Rs 498.8 crore for the next five years is aimed at providing financial assistance to around 300 startups/MSMEs/individual innovators and 20 partner organizations under the DIO framework,” the ministry said.

It said the DIO would help in creating a medium for innovators to interact with the Indian defense production enterprise.

“The scheme will help the Indian defense and aeronautical sector to rapidly develop innovative, indigenous and innovative technologies to meet their needs in a short span of time,” the ministry said.

In the last few years, the government has taken several corrective steps and initiated several initiatives to make India a hub of defense production.

News Source: TheHindu