iDEX and MoD sets aside Rs 1000cr fund for startups in Defence

In a recent development, Innovations for Defence Excellence (iDEX), and the Ministry of Defence, Govt. of India has set aside Rs 1000cr of a fund in 2021-22 for procurement of defence capital equipment developed by startups in India. Ajay Kumar, Defence Secretary tweeted this morning.

Startups are playing a pivotal role in achieving the goal of Atmanirbhar Bharat. The defence has been identified as one of the most promising sectors, contributing towards external and internal peace and security as well as the socio-economic development of the country. According to Government Data, India has around 194 startups in the defence tech space. These startups are instrumental in coming up with solutions for empowering the nation’s defence and security.

To reduce our dependence on defence imports, the Ministry of Defence launched iDEX initiative encouraging indigenous innovation and technology development in defence and aerospace. In the previous week, the ministry earmarked Rs 500 crore to support MSMEs and start-ups through the iDEX.