Tuesday, Mar 28, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | India | Rajnath Approves Budgetary Support Of Nearly Rs 499 Crore For Innovations In Defence Sector

Rajnath approves budgetary support of nearly Rs 499 crore for innovations in defence sector

The scheme is in sync with the government's push to cut imports of military hardware and weapons and make India a hub for defence manufacturing, Defence Ministry said.

By PTI
Published Date - 01:12 PM, Sun - 13 June 21
Rajnath approves budgetary support of nearly Rs 499 crore for innovations in defence sector
Defence Minister Rajnath Singh. Source: Twitter

New Delhi: Defence Minister Rajnath Singh has approved budgetary support of nearly Rs 499 crore for research and innovation in the defence sector for the next five years.

The Defence Ministry on Sunday said the funds will be used to provide financial support to nearly 300 start-ups, micro, small and medium enterprises (MSMEs) and individual innovators with a larger goal of ensuring self-reliance in the defence sector.

The scheme is in sync with the government’s push to cut imports of military hardware and weapons and make India a hub for defence manufacturing.

“Defence Minister Rajnath Singh has approved the budgetary support of Rs 498.8 crore to Innovations for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO) for the next five years,” the ministry said in a statement.

It said the iDEX–DIO has the primary objective of self-reliance and indigenisation in the defence and aerospace sector. The ministry said the setting up 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 the defence and aerospace sector.

“The scheme, with budgetary support of Rs 498.8 crore for the next five years, is aimed at providing financial support to nearly 300 start-ups/MSMEs/individual innovators and 20 partner incubators under the DIO framework,” the ministry said.

It said the DIO will enable the creation of channels for innovators to engage and interact with the Indian defence production industry.

“The scheme aims to facilitate rapid development of new, indigenised and innovative technologies for the Indian defence and aerospace sector to meet their needs in shorter timelines,” it said.

In the last couple of years, the government has unveiled a series of reform measures and initiatives to make India a hub of defence manufacturing.

Last August, Defence Minister Singh had announced that India will stop the import of 101 weapons and military platforms like transport aircraft, light combat helicopters, conventional submarines, cruise missiles and sonar systems by 2024.

A second negative list, putting import restrictions on 108 military weapons and systems such as next-generation corvettes, airborne early warning systems, tank engines and radars, was issued this week.

In May last, the government announced increasing the FDI limit from 49 per cent to 74 per cent under the automatic route in the defence sector.

India is one of the largest importers of arms globally. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.

The ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years that included an export target of USD 5 billion (Rs 35,000 crore) worth of military hardware.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

  • Follow Us :
  • Tags
  • aerospace sectors
  • budgetary support
  • Defence Minister Rajnath Singh
  • Defence Sector

Related News

  • Editorial: Indigenisation gets wings

    Editorial: Indigenisation gets wings

  • “Strong Congress will be beneficial for ‘Gadkari and Rajnath’…” Cong leader Jairam Ramesh

    “Strong Congress will be beneficial for ‘Gadkari and Rajnath’…” Cong leader Jairam Ramesh

  • Centre approves 10% quota for Agniveers in Defence Ministry job

    Centre approves 10% quota for Agniveers in Defence Ministry job

  • Hyderabad: Protest at Osmania University against Agnipath scheme

    Hyderabad: Protest at Osmania University against Agnipath scheme

  • Agnipath: Indian govt unveils radical changes in recruitment of soldiers

    Agnipath: Indian govt unveils radical changes in recruitment of soldiers

  • US-returned entrepreneur makes it big in defence sector

    US-returned entrepreneur makes it big in defence sector

Latest News

  • Hyderabad economic engine for country: KTR

    56 seconds ago
  • Modani Files: Pending CBI case proves shady Chinese links of Adani brothers

    12 mins ago
  • KNRUHS announces MBBS final year results

    23 mins ago
  • France braces for violence in new wave of pension protests

    31 mins ago
  • Hyderabad: DGR, CII organise employment seminar for retired defence personnel

    36 mins ago
  • Police was close to arresting Amritpal Singh: Advocate General

    46 mins ago
  • Straight Bat: ‘Commercialisation of game dents its progress’

    57 mins ago
  • How to recognise fake AI-generated images

    1 hour ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam