India Unveils Rs 1 Lakh Crore RDI Scheme to Propel Private Sector Innovation

The Indian government has launched a Rs one lakh crore initiative to boost private sector innovation. The scheme, led by Prime Minister Narendra Modi, offers long-term financing for research and innovation in crucial sectors. It involves strategic oversight by the ANRF and aims to foster a competitive, self-reliant ecosystem.

In a significant move expected to transform India's innovation landscape, the Union Cabinet has approved a Research Development and Innovation (RDI) Scheme, boasting a robust corpus of Rs one lakh crore. The initiative seeks to stimulate private sector investment in pivotal sectors, enhancing economic security and self-reliance.

Chaired by Prime Minister Narendra Modi, the scheme aims to provide long-term, concessional financing to spur development in sunrise sectors. I&B Minister Ashwini Vaishnaw emphasized the scheme's role in overcoming funding constraints and boosting competitiveness by financing transformative projects and tech acquisition.

The Anusandhan National Research Foundation (ANRF), under the prime minister's leadership, will guide the RDI scheme strategically, while the Department of Science and Technology (DST) will take charge of implementation. This two-tiered funding initiative will facilitate loans and equity options, vital for supporting tech advancements and innovation.

(With inputs from agencies.)