India's Rs One Lakh Crore RDI Scheme Boosts Innovation and Strategic Research

In a landmark move to enhance India's research landscape, the Union Cabinet has unveiled a Rs one lakh crore Research, Development, and Innovation (RDI) scheme, designed to propel innovation across strategic and emerging sectors. Information and Broadcasting Minister Ashwani Vaishnaw highlighted the pivotal role of the private sector in this initiative, emphasizing its capacity to spearhead innovation and commercialize research.

The RDI Scheme is structured to offer long-term financing with low or negligible interest rates, thereby bolstering private investment in research and development. This framework is expected to address prevalent funding challenges, providing essential growth and risk capital to sectors deemed strategically important or innovative.

A central aim is to stimulate the private sector's investment in transformative projects at advanced Technology Readiness Levels. The scheme will further support technology acquisitions and facilitate the establishment of a Deep-Tech Fund of Funds. Strategic oversight will be provided by the Anusandhan National Research Foundation, chaired by the Prime Minister, ensuring alignment with national objectives. Under the scheme, an Empowered Group of Secretaries will oversee project approvals and performance evaluations, supported by the Department of Science and Technology as the nodal body.

(With inputs from agencies.)