NEW DELHI, Aug 19: Union Minister Jitendra Singh on Wednesday said stringent safeguards were in place to prevent conflicts of interest in the Research, Development and Innovation (RDI) Fund and ensure the protection of taxpayers’ money and private capital.
The minister said suggestions from stakeholders would be considered and additional safeguards could be introduced wherever necessary to strengthen the fund’s implementation framework.
Established by the government in 2025 with a corpus of Rs 1 lakh crore, the RDI Fund is aimed at providing low cost, long-term financing to private companies undertaking advanced research and innovation in deep-tech areas. These include artificial intelligence, quantum technology and space science.
Singh’s remarks came amid recent reports raising questions over possible conflicts of interest in the allocation of funds. The reports alleged that several companies selected for financial support had links with members of the panel involved in the selection process.
Addressing the concerns, the minister stressed that the fund involves shared responsibility, with private equity sources expected to contribute 50 per cent of the investment.
He said due diligence and verification mechanisms must remain rigorous to ensure that funding decisions are transparent and properly scrutinised. At the same time, he underlined the importance of releasing approved funds without unnecessary delays so that eligible companies can advance their research and innovation projects.
The minister also indicated that the government remained receptive to recommendations aimed at improving the safeguards governing the fund.
Singh made the remarks during a monthly joint meeting of science secretaries, where matters relating to research, innovation and the implementation of government initiatives were discussed.