Minister for Defence Rajnath Singh said on February 15 that the ministry has approved a simplified and fast-track procedure for procurement from Innovations for Defence Excellence (iDEX) affiliated start-ups and MSMEs.
Ministry of Defence's iDEX initiative engages with industries including MSMEs and start-ups to foster innovation in the defence and aerospace sector. The initiative also partners with incubators to provide technical support and handholding to winners of iDEX's start-up challenges.
While addressing the annual start-up event Manthan in Bengaluru, Singh said, " For iDEX affiliated defence start-ups, we have enabled fast track procedure for procurement. We have also decided to increase grants to encourage entrepreneurs to take up larger projects."
Singh also announced the launch of iDEX's Defence India Start-up Challenge DISC-9. In this challenge, problem statements from armed forces and defence public sector units are shared with start-ups, who have to come up with solutions.
Singh informed that the Home Ministry too has started giving 'problem statements' as part of the challenge.
" Seven to eight years ago, we had a few start-ups in the country. Today the number is more than 1 lakh, and more than a 100 unicorns have been set up youngsters," said Singh, lauding the start-up ecosystem.
"This shows the enthusiasm and passion of doing something new within our youngsters," Singh added.
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