Defence

Starting-up for defence: Government plans to fund at least 250 defence start-ups

By Financial express

Under the ‘Make in India’ mission, defence has been identified as one of the most promising sectors, contributing towards external and internal peace and security as well as socio-economic development of the country. By 2030, India’s aerospace and defence industry is estimated to reach a market valuation of around $70 billion (Maier+Vidorno).

Against this backdrop, playing a pivotal role in achieving the vision of Atmanirbhar Bharat as well as Make in India is the start-up ecosystem. According to government data, India has around 194 start-ups in the defence-tech space that are leveraging new-age technologies to come up with solutions for empowering the nation’s defence and security.

Some such as CRON Systems, Asteria Aerospace, EyeROV and Optimized Electrotech are building solutions to address the key challenges in defence and security forces. They are using technologies such as drones, image analysis, robotics and artificial intelligence for bolstering India’s defence capabilities.

At the recent Aero India (Yelahanka air base), the government signed Rs 48,000 crore contract to procure 83 Tejas aircraft from the HAL, and 34 aerospace and defence firms showed interest in investing in Karnataka to spur aviation business in the state.

Looking at the potential the Indian start-ups possess and encouraging their efforts, the government has plans to fund at least 250 defence start-ups over the next five years.

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financial express
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