Prime Minister Narendra Modi on Monday launched the ₹1 lakh crore Research, Development and Innovation (RDI) Fund to encourage private sector investment in research and development. The announcement was made at the inaugural Emerging Science Technology and Innovation Conclave (ESTIC), a platform that brings together policymakers, innovators, and global experts to advance the government’s vision of Viksit Bharat 2047.
During the event, Modi also unveiled a coffee table book showcasing India’s scientific achievements and a vision document outlining the country’s roadmap for science and technology.
The Department of Science and Technology (DST) will serve as the nodal ministry for the RDI Fund, which will operate through a two-tiered structure. At the first level, a Special Purpose Fund (SPF) will be set up within the Anusandhan National Research Foundation (ANRF), serving as the custodian of the ₹1 lakh crore corpus.
Instead of directly investing in industries or startups, the Fund will route capital through second-level fund managers, including Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), and Non-Banking Finance Companies (NBFCs).
These fund managers will recommend projects for support through expert investment committees drawn from financial, business, and technical domains, functioning independently from the government.
The initiative aims to create a robust ecosystem for private R&D in India while inspiring young innovators to contribute to the nation’s technological growth.
