New Delhi, Nov 3: Prime Minister Narendra Modi on Monday said India is investing heavily in high risk, high impact research and development (R&D) projects and promoting private sector participation to transform the country into a global science and technology powerhouse.
Inaugurating the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC) in New Delhi, the Prime Minister unveiled the ₹1 lakh crore Research, Development and Innovation (RDI) Fund, aimed at boosting private investment in research and fostering breakthrough innovation.
“This significant investment is designed to benefit the public and unlock new opportunities across sectors,” Modi said, adding that for the first time, India is allocating capital specifically for high risk, high reward projects that can drive transformative change.
Highlighting the government’s efforts to create a modern innovation ecosystem, the Prime Minister said, “We are focusing on ‘Ease of Doing Research’ through reforms in financial regulations, procurement policies, and streamlined incentive structures that help prototypes move swiftly from labs to markets.”
He noted that India’s R&D expenditure has doubled in the past decade, while the number of registered patents has risen 17-fold, reflecting the country’s growing innovation capacity. “India has also emerged as the world’s third-largest startup ecosystem,” he added.
To further strengthen research at the academic level, Modi said the government has established the Anusandhan National Research Foundation (ANRF) to promote innovation and collaboration across universities.
Emphasising inclusivity in science and innovation, the Prime Minister said, “When innovation is inclusive, its leaders benefit the most. Indian women are leading this transformation. From less than 100 patents filed annually a decade ago, women now file over 5,000 patents each year.”
He also highlighted that 43% of India’s STEM students are women, well above the global average, and credited this inclusivity for driving the nation’s technological progress.
“India is no longer just a consumer of technology. It has become a pioneer of transformation through technology,” Modi asserted, adding that the foundation for great achievements is laid when science meets scale, innovation becomes inclusive, and technology drives transformation.