DRDO proposes fund to support defence start-ups, initial corpus at Rs 100-200 cr

Hyderabad: The DRDO has proposed setting up of an exclusive Central fund with an initial corpus of Rs 100-200 crore for supporting start-ups and smaller units in the areas of research, development and production in defence sector. Speaking on the sidelines of Defence & Aerosupply India 2014 in Hyderabad, Avinash Chander, Director General of DRDO (Defence Research and Development Organisation) said it is also planning to set up ten centres of technology where students in specialised fields can work on various defence-related projects, across the country in next five years.[caption id=“attachment_1803283” align=“alignleft” width=“380”]  DRDO chief Avinash Chander. Image courtesy PIB[/caption] “I think there is a need for supporting start-ups. A lot of talent is there but they don’t have incubation centres. They can develop an idea but to sustain that idea till it becomes a mature product, they require some funding support. And that’s where I feel that a fund of this kind (as a soft loan) for upcoming industrialists till their turnover becomes sufficiently large, will help them grow in a big way,” Chander said. He said the fund can be set up with Rs 100-200 crore to start with. According to him, talks are also going on at the Central level for creating a material bank where stock of critical material is maintained. Chandar said the DRDO is planning to earmark around Rs 500 crore every year for setting up centres of technology and is aiming to set up two such centres soon. On the proposed missile testing centre at Krishna district in Andhra Pradesh, he said they are awaiting clearances from environmental agencies. “We need 250 acres of land for setting up of our facilities and a small launch pad facility. Also, we have to get clearances from environmental agencies for the missile test range.The facility needs Rs 1,500 crore investment,” he said. The three-day Defence & Aerosupply India 2014 organised by an Israel-Kenes Exhibitions and Telangana government concluded today. PTI