India to launch Rs1 lakh crore research, development and innovation scheme

The union cabinet has approved a scheme, with a corpus of Rs1 lakh crore, to scale up research, development and innovation (RDI) in strategic and sunrise sectors by bolstering the country’s R&D ecosystem.

The scheme, approved by the union cabinet chaired by Prime Minister Narendra Modi, seeks to achieve a major transformation in the country’s research and innovation ecosystem by commercialising R&D, with active participation of the private sector. 

The Rs1 lakh crore corpus will be used to provide long-term funding - both through direct financing and refinancing of existing programmes – at low or nil interest rates, to channel private investment in R&D.

The financing will cover growth and risk capital needs of the investor for commercialising innovation and R&D, thereby facilitating adoption of technology and enhancing competitiveness. :

The scheme proposes to encourage research and innovation, especially in sunrise sectors that are strategically important for economic security and self-reliance.

Finance will be provided to transformative projects that aim to achieve higher levels of technology readiness, support technology acquisition in critical areas, besides facilitating the launch of a Deep-Tech Fund of Funds.

The Anusandhan National Research Foundation (ANRF), headed by the prime minister, will administer the RDI scheme while an empowered group of secretaries led by the cabinet secretary will decide on schemes and changes to schemes, while fund managers will review performance of the scheme. 

The Department of Science and Technology (DST) will serve as the overarching nodal office for implementation of RDI Scheme.