New Delhi, Nov 3: Prime Minister Narendra Modi on Monday launched the ₹1 lakh crore Research, Development and Innovation (RDI) Fund to catalyse private sector investments in scientific research and innovation.
The announcement came during the inauguration of the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), a landmark event bringing together policymakers, innovators, researchers, and global visionaries to advance the government’s Viksit Bharat 2047 vision.
During the event, PM Modi also unveiled a coffee table book highlighting India’s scientific achievements and a vision document for the country’s science and technology roadmap.
The Department of Science and Technology (DST) will serve as the nodal agency for implementing the RDI Fund, which is designed with a two tiered funding structure.
At the first level, a Special Purpose Fund (SPF) will be set up under the Anusandhan National Research Foundation (ANRF) to manage the ₹1 lakh crore corpus. Instead of directly investing in industries or startups, the RDI Fund will channel capital to second-level fund managers, including Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), and Non-Banking Finance Companies (NBFCs).
These fund managers will identify high-impact R&D opportunities and submit proposals to investment committees comprising experts from financial, business, and technical domains operating independently from the government to ensure transparency and efficiency.
The RDI Fund marks a major step in India’s efforts to build a self reliant, innovation driven economy, positioning the country as a global leader in science, technology, and industrial research.