Game-Changing Boost for Research & Innovation in India

The Indian Cabinet approved a Rs one lakh crore Research Development and Innovation Scheme to encourage private investment in R&D. This initiative fosters innovation by offering long-term, low-interest financing, promoting tech adoption, and supporting transformative projects for strategic and economic security.

In a major move to bolster research and development, the Indian Union Cabinet gave a green light to the Research Development and Innovation Scheme. This ambitious initiative, with a corpus of Rs one lakh crore, seeks to galvanize private sector investment in pivotal R&D areas.

Chaired by Prime Minister Narendra Modi, the Cabinet emphasized the scheme's potential to revolutionize R&D, particularly in sunrise domains crucial for economic and strategic advancement. By providing long-term financing at minimal interest, it aims to elicit robust private sector engagement in a bid to enhance self-reliance.

The Department of Science and Technology will oversee the implementation, with a two-tiered funding mechanism in place. This move not only addresses critical funding gaps for the private sector but also sows the seeds for an innovation-driven ecosystem, setting a path for 'Viksit Bharat 2047.'

(With inputs from agencies.)