Rajnath Singh approves budgetary support of Rs 498 crore to iDEX for next 5 years

New Delhi, Defence Minister Rajnath Singh has approved the budgetary support of 498 crore rupees to Innovations for Defence Excellence (iDEX) – Defence Innovation Organisation (DIO) for the next five years. The budgetary support will provide a big boost to the Aatmanirbhar Bharat Abhiyan of Prime Minister Narendra Modi. The iDEX-DIO has the primary objective of self-reliance and indigenisation in the defence  and aerospace sector of the country.

The creation of the iDEX framework and establishment of the DIO by the Department of Defence Production (DDP) is aimed at creating an ecosystem to foster innovation and technology development in defence and aerospace.

The scheme, with budgetary support of 498 crore rupees for the next five years, is aimed at providing financial support to nearly 300 start-ups, MSMEs and individual innovators and 20 partner incubators under the DIO framework. It will support increased awareness in the Indian innovation ecosystem about defence needs.

AIR correspondent reports, the DDP will release funds to DIO for setting up and managing the iDEX network in the form of Partner Incubators