India will fund more than 250 defence startups in next five years to give cutting edge technologies to Indian Armed Forces.
The defence Minstry is putting more than Rs 500 crore for its Innovations for Defence Excellence (iDEX) and Defence Ministry will also try to bring the Public and private defence innovator companies together to find new cutting edge technologies for Indian Armed Forces.
Rajnath Singh said that India needs to change its net importer image to net exporter and a net innovator in next few years.
“Defence sector will play a major role in making India a $5 trillion economy. Our aim is to make the Indian defence industry self-reliant & less dependent on imports,” said Defence Minister Rajnath Singh in ‘Def connect’ seminar in Delhi.
Rajnath Singh also said that India could emerge as a $10 trillion economy in the next 10-15 years if we focus on innovation.
“Looking at the talent India possesses, I am pretty confident that we can become $10 trillion economy in the next 10-15 years,” said Rajnath Singh.