- The defence ministry will finance Rs. 500 crores to startups for their innovations
- Rajnath Singh said that the focus should be on research and development in defence manufacturing
India will fund at least 250 defence startups over the next five years as it aims to incorporate the latest cutting-edge technologies in the armed forces. The defence ministry plans to achieve at least 50 tangible innovations by the startups that can be inducted in the near future. The Ministry will finance Rs 500 crore to startups for their innovations for Defence Excellence (iDEX) initiative in the next five years to boost India’s position in the arms manufacturing field.
Defence minister Rajnath Singh said at ‘Def Connect’ seminar that India will become a $10 trillion economy over the next 10 to 15 years if innovation talent is properly utilised. He also said that the need of the hour is to strengthen research and development in defence manufacturing.