RDI Fund Launched: PM Modi unveils Rs 1 lakh crore push for science, tech and startups

The establishment of the RDI Fund will not only boost research and technological innovation, but will also enhance employment generation, economic growth, and India’s global competitiveness.

New Delhi: Prime Minister Narendra Modi on Monday launched the Rs 1 lakh crore Research, Development, and Innovation (RDI) Fund, marking a historic initiative in the country's science and technology sector. The fund aims to encourage investment in high-end research, emerging technologies, and risk-prone areas. Speaking on the occasion, the Prime Minister noted that the number of patents registered in India has increased 17-fold, and India has reached third place globally in terms of its startup ecosystem. This demonstrates that the country is creating a strong environment for innovation and entrepreneurship.

What Is RDI Fund?

The primary objective of establishing the RDI (Research, Development, and Innovation) Fund is to promote private sector participation in research and development. The Prime Minister announced this fund at the Emerging Science, Technology, and Innovation Conclave (ESTIC). This conclave is a platform that will bring together policymakers, scientists, and innovators to realize the government's vision of a developed India 2047.

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Under this scheme, a special fund will be created within the National Research Foundation (ANRF), which will administer and oversee the fund. This fund of ₹1 lakh crore will provide financial support to research-related companies, institutions, and startups to enable them to work on risky but innovation-based projects.

How Will RDI Fund Work?

At the first tier, the National Research Foundation (ANRF) will handle overall direction and policy formulation. At the second tier, fund managers will be appointed, including alternative investment funds (AIFs), development finance institutions (DFIs), and non-banking finance companies (NBFCs).

These institutions will work under the guidance of independent investment committees comprised of finance, business, and technology experts. These committees will identify projects that can significantly contribute to the country's scientific capacity and innovation. Selected projects will be provided funding and technical support.

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Innovation Will Receive New Impetus

Prime Minister Modi stated that India is no longer merely a follower, but is becoming a leader in innovation. He stated that this fund presents a significant opportunity for youth, researchers, and startups, enabling India to become a hub of global research and technological innovation.

On this occasion, the Prime Minister also released a coffee table book showcasing India's scientific achievements and a vision document outlining its science and technology goals for the coming years.

The establishment of the RDI Fund will not only boost research and technological innovation, but will also enhance employment generation, economic growth, and India's global competitiveness. This initiative could prove to be an important step towards realizing the vision of 'Developed India 2047'.