New Delhi: Prime Minister Narendra Modi on Monday unveiled the ₹1 lakh crore Research, Development and Innovation (RDI) Fund to boost private sector investment in scientific research and innovation.
The launch took place at the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC) — a platform bringing together policymakers, innovators, and global experts to advance the government’s Viksit Bharat 2047 vision.
During the event, the Prime Minister also released a coffee table book highlighting India’s scientific milestones and a vision document outlining the future 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 funding mechanism.
At the first tier, a Special Purpose Fund (SPF) will be created within the Anusandhan National Research Foundation (ANRF) to manage the ₹1 lakh crore corpus. Rather than investing directly in industries or startups, the Fund will provide capital to second-tier fund managers — including Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), and Non-Banking Financial Companies (NBFCs).
These second-level fund managers, guided by independent investment committees comprising experts from financial, business, and technical fields, will recommend projects for support while operating at arm’s length from the government.
