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What is the News?
The Defence Minister has approved the enhancement of funding under the Technology Development Fund (TDF) scheme to Rs 50 crore per project from Rs 10 crore.
What is the Technology Development Fund(TDF) Scheme?
Nodal Ministry: Ministry of Defence
Executing Agency: Defence Research and Development Organisation (DRDO)
Aim: Creating an ecosystem for promoting self-reliance by building indigenous state-of-the-art systems for defence application. The scheme will provide a major fillip to the defence manufacturing sector by promoting self-reliance under the Make in India initiative.
Under the Scheme, DRDO extends financial support and expertise to upgrade existing products/ systems, processes, and applications. It helps firms in reducing production costs, improving functionality and quality.
The participation of public/private industries especially MSMEs and Startups is encouraged.
It facilitates up to 90% of the total project cost. Earlier, it was subject to the upper limit of Rs 10 crores, which is increased to Rs 50 crores now.
An entity with more than 49% foreign investment will not be eligible.
Source: The post is based on the article “Funding under Technology Development Fund scheme of DRDO enhanced to Rs 50 crore per project from Rs 10 crore” published in PIB on 8th June 2022.
