In order to support the startups in India, the Defence Ministry has announced that it will infuse Rs 500 crore into 250 startups that are working on creating the products and solutions for the defence sector.
To encourage the government’s initiative of Make in India in the defence sector, the ministry is looking forward to funding 250 startups with an aim to achieve 50 tangible innovations in the next five years.
With this move, the government wants to support the MSMEs and startups in the defence sector to become self-sufficient.
“India will emerge as an exporter of defence technologies and it can be achieved through ideation, innovation, and incubation in cutting-edge technologies”, said Defence Minister Rajnath Singh.
He said this while launching the third phase of the Defence India Startup Challenge (DISC) under iDEX. The challenge aims to boost innovation in the manufacturing sector of the defence.
The Startups working in the defence sector currently include ideaForge, Tonbo, VizExperts CRON Systems and Aadyah Aerospace.