On Monday, Prime Minister Narendra Modi introduced the Rs one lakh crore Research, Development and Innovation (RDI) Fund aimed at stimulating private sector investment in research and development. The launch occurred during the inaugural Emerging Science Technology and Innovation Conclave (ESTIC), an event designed to unite policymakers, innovators, and global thought leaders to advance the government”s vision for a developed India by 2047.
Alongside the fund, Modi presented a coffee table book highlighting India”s scientific milestones and a vision document outlining the future of science and technology in the country. The Department of Science and Technology (DST) will oversee the RDI Fund, which will function through a dual-layer funding mechanism.
At the first level, a Special Purpose Fund (SPF) will be created within the Anusandhan National Research Foundation (ANRF), which will manage the Rs one lakh crore corpus. This fund will not directly invest in industries or startups but will instead allocate resources to second-tier fund managers. These managers may include Alternative Investment Funds (AIF), Development Finance Institutions (DFI), and Non-banking Finance Companies (NBFC), among others.
Decisions regarding support will be made by these second-level fund managers through investment committees that consist of experts from financial, business, and technical backgrounds, all operating independently from government influence.
