India: Govt pledges innovation fund to encourage defence start-ups

The government will create a new technology innovation fund for defence aerospace aimed to prop up start-ups, defence minister Manohar Parrikar said while inaugurating the 11th Aero India show here on Tuesday.

“We are initiating a defence innovation fund with an initial contribution from HAL and BEL,” Parrikar said referring to Hindustan Aeronautics Limited (HAL) and the Bharat Electronics Limited (BEL), “ The fund will support innovation and technology development in identifying areas and will be open to both Indian and foreign firms,” Parrikar said. He hoped that the fund will propel start-ups.

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