India's Rs 1 Lakh Crore Boost: A Leap Towards Sovereign Tech Ambitions

The Indian government has unveiled a substantial initiative aimed at propelling the nation's technology sector, with Science and Technology Minister Jitendra Singh announcing a Rs 1 lakh crore fund dedicated to bolstering private sector R&D efforts.

Speaking at the ASSOCHAM Conference on 'Sovereign Tech for India's Digital Transformation', Minister Singh emphasized the transformative potential of the new Research, Development, and Innovation (RDI) Scheme. The initiative offers long-term loans and risk capital, targeting sunrise and strategic sectors, with the goal of ushering in an era of deep-tech and critical technology advancements.

Central to this initiative is the creation of a 'Deep-Tech Fund of Funds', designed to enhance private investment in innovative projects. The scheme will be anchored by the Anusandhan National Research Foundation and overseen by the Department of Science and Technology. Singh urged industry leaders to seize the opportunities this scheme provides, highlighting the global attention on India's expanding technological footprint.

(With inputs from agencies.)