Defence start-up challenge to be launched

New Delhi, Aug 18 (Bureau) Rajnath Singh to launch Defence India Startup Challenge 5.0 on Thursday, an official statement said. Three years after the launch of Defence India Startup Challenge 1.0 (DISC), the DISC 5.0 will be launched in New Delhi on Thursday. It is being organised under Innovations for Defence Excellence (iDEX), Defence Innovation Organisation (DIO). “The launch of DISC 5.0 will be a massive leap towards leveraging the startup ecosystem to develop India’s defence technologies, equipment design and manufacturing capabilities.

These challenges will also encourage startups to become more attuned to innovative concepts and inculcate the approach of creative thinking in India’s budding entrepreneurs,” the statement said. The defence ministry has earmarked a total of Rs 1,000 crore for domestic procurement through iDEX initiative for the financial year 2021-2022. Recently, the Raksha Mantri had approved a budget of Rs 498.8 crore for the next five years to support over 300 startups and foster innovation in defence & aerospace sectors. “These announcements have provided assurance of domestic procurement for the myriad of innovations and products being developed by young entrepreneurs, while enabling India’s defence sector to contribute significantly towards $5-trillion economy goal by 2025,” the statement added.