Explanation:

• The Innovations for Defence Excellence-Defence Innovation Organisation (iDEX-DIO), under the aegis of Department of Defence Production, Ministry of Defence, is organising DefConnect 2024 at Manekshaw Centre, New Delhi on March 04, 2024.

• It is the flagship scheme of the Ministry of Defence, Government of India launched in 2018.

• Objective: 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.

• 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 memberse. Defence Public Sector Undertakings (DPSUs) - HAL & BEL.

• It functions as the executive arm of DIO, carrying out all the required activities while DIO will provide high level policy guidance to iDEX.

• It 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.

Hence both statements are correct.