The Indian government is finalizing the operational details of a massive ₹1 lakh crore Research, Development, and Innovation (RDI) Scheme aimed at strengthening the country’s innovation ecosystem.
According to Abhay Karandikar, Secretary of the Department of Science and Technology, the fund will encourage private sector investment in high-risk research areas that companies have often been hesitant to explore. It will support corporates, industries, and deep technology startups working on advanced projects.
Funding under the scheme will be offered through low-interest loans, equity investments, or a mix of both. Companies seeking support must cover at least 50% of their project costs, with the fund financing the remaining portion.
The scheme is designed to help overcome challenges in securing private funding for research and aims to provide growth and risk capital, especially in sunrise and strategic sectors. These priority sectors include energy transition, climate technologies, robotics, drones, space technology, biotechnology, synthetic biology, artificial intelligence applications, and the digital economy.
Karandikar mentioned that the operational framework for managing the fund is in its final stages and should be rolled out in the next few months.
In addition, to reduce India’s dependence on rare earth imports from China, researchers are actively developing local alternatives, including rare-earth-free technologies like synchronous reluctance motors.
