The Modi government’s push for indigenization in defense technology has attracted significant investor interest in defense startups. This focus on bolstering India’s defense capabilities is part of a broader strategy to reduce dependency on foreign military suppliers and enhance national security. Several Indian Naval ships, including INS Delhi, INS Shakti, and INS Kiltan, recently arrived in Singapore for joint naval exercises.
This showcases India’s growing maritime strength and collaborative efforts with international allies. In Jammu, army tanks were deployed in a significant operation following a terrorist attack on an army convoy in the Akhnoor sector. This underscores the urgent need for advanced military technologies and innovations that many defense startups are working to provide.
Investors are increasingly seeing potential in these startups. They recognize the government’s commitment to modernizing the military and the strategic benefits of having a robust domestic defense industry. In other national news, Delhi school teachers will receive training to handle bomb threats.
This reflects the increased focus on security and preparedness in response to evolving threats. Additionally, a 3.7 magnitude tremor hit Kutch in Gujarat, thankfully without any casualties. In the political arena, Vice-President Bhujbal held discussions with Fadnavis on various political and social issues.
This hints at possible shifts in the regional political landscape. Furthermore, Bangladesh has requested India to send back deposed Prime Minister Sheikh Hasina, highlighting geopolitical dynamics in the region. A two-day ICONN Summit, organized by the Centre for Innovation, Entrepreneurship, and Startups (CII CIES) of the Confederation of Indian Industry (CII), commenced in Hyderabad on Tuesday.
The theme was “Catalysing Corporate – Startup Synergy.” Speakers at the event underscored the essential role of startups in driving economic growth and promoting innovation. They emphasized the significance of support and collaboration to achieve these goals. Kris Gopalakrishnan, Chairman of the CII CIES Advisory Board and past president of CII, highlighted the importance of harnessing India’s entrepreneurial and technological strengths to effectively tackle global challenges.
Boosting indigenization in defense technology
He stressed that collaboration and innovation are key to fostering sustainable economic growth. The summit featured seven sectoral sessions focusing on various topics.
These included startup-industry-academia partnerships, manufacturing technology, agritech, social tech, healthtech, electric mobility, and defense technology. CII stated that the emphasis was on promoting opportunities for corporates to nurture innovations by partnering with startups. They also encouraged family offices to consider startups as investment partners and showcase their innovations, technologies, and products at the expo.
G. Satheesh Reddy, President of the Aeronautical Society of India and former Chairman of DRDO, emphasized the crucial role of startups in enhancing India’s capabilities in sectors such as space, deep tech, and medical technologies. He highlighted the need for ongoing investment and policy support to nurture the startup ecosystem, especially in high-impact sectors vital for national security and technological leadership.
Major General Ajay Misra, General Officer Commanding of the Telangana and Andhra Sub Area in Secunderabad, underscored the importance of indigenizing disruptive technologies. He also stressed building robust supply chains and enhancing India’s defense technology capabilities as essential strategies to mitigate global volatility. Despite the availability of various Central government schemes that support startups working on innovation for the Defence sector, these startups are facing several challenges. Dr.
G. Satheesh Reddy, the former Secretary, Department of Defence – R&D, said that there is a significant gap in hand-holding and clarity in information, such as quality standards and certification processes. Dr.
Reddy mentioned that about 300 startups have been funded under government schemes, with the fund quantum increased from Rs1 crore to Rs10 crore. Furthermore, technology development funding has been increased to Rs50 crore, covering up to 90 percent of the project. Additionally, the revenue turnover requirements for startups in government tenders have been relaxed.
Major General Ajay Misra spoke about iDEX (Innovations for Defence Excellence), a platform that advances innovation and technology development in Defence by engaging startups. He emphasized that the Defence sector needs to be self-reliant and that partnerships in technology and supply chains must be advanced.
