Innovations for Defence Excellence- Defence Innovation Organization (iDEX-DIO) is all set to participate in the tenth edition of the Vibrant Gujarat Summit 2024 from 10 to 12 January 2024 at Gandhinagar, Gujarat.
- It is the flagship scheme of the Ministry of Defence, Govt of India launched in 2018.
- The objective of the scheme is to cultivate an innovation ecosystem in the Defence and Aerospace sector by collaborating with startups, innovators, MSMEs, incubators, and academia.
- iDEX offers grants and support for R&D with significant potential for future adoption in Indian defence and aerospace.
- It is currently engaged with around 400+ Startups and MSMEs.
- It is recognized as a game-changer in the defence ecosystem, iDEX has received the PM Award for Innovation in the defence sector.
- Funding: It will be funded and managed by a ‘Defence Innovation Organization (DIO)’ which has been formed as a ‘not for profit’ company as per the Companies Act 2013 for this purpose, by the two founder members i.e. Defence Public Sector Undertakings (DPSUs) - HAL & BEL.
- iDEX will function as the executive arm of DIO, carrying out all the required activities while DIO will provide high level policy guidance to iDEX.
Q1) What does Not for Profit Mean?
Not-for-profit organizations do not earn profits for their owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s objectives and keeping it running; income is not distributed to the group’s members, directors, or officers.