New Delhi [India], June 8 (ANI): Defence Minister Rajnath Singh has approved the enhancement of funding under the Technology Development Fund (TDF) scheme to Rs 50 crore per project from Rs 10 crore, according to an official statement by Defence Ministry.
The TDF scheme, executed by Defence Research and Development Organisation (DRDO), supports the indigenous development of components, products, systems and technologies by MSMEs and start-ups.
It may be recalled that 25 per cent of the Defence Research and Development budget was earmarked for private industry, start-ups and academia in Union Budget 2022-23.
The enhanced funding is in line with the budget announcement and it will give a further boost to the vision of “Aatmanirbharta in defence”, the ministry added.
The TDF scheme aims to provide a major fillip to the defence manufacturing sector by encouraging the industry to innovate and develop defence technologies in order to place India on a self-reliance trajectory.
The scheme facilitates up to 90 per cent of the total project cost and allows the industry to work in consortium with other industries or academia.
With the enhanced funding, the industry and startups will be able to develop more complex technologies for existing and future weapon systems and platforms. To date, 56 projects have been sanctioned under the TDF scheme, the ministry added. (ANI)