Union Cabinet nod to Rs 1 lakh crore RDI scheme to boost innovation ecosystem
Addressing the media here post-Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw, emphasised the scheme's role in fostering long-term financing at low or no interest rates, thereby stimulating private sector investment in research and development (R&D).
The focus, he noted, is on overcoming the constraints currently faced by the private sector in driving technological advancements, especially in sunrise sectors and strategic areas such as deep-tech and emerging technologies, as well as critical sectors vital for India's economic security and self-reliance.
'The overarching objective is to scale up R&D and innovation, especially in sectors that hold transformative potential for the nation's technological sovereignty and global competitiveness,' said a government statement here.
The Cabinet also approved the establishment of a deep-tech Fund of Funds (FoF) which will focus on supporting high-risk, high-reward innovations in deep-tech sectors such as artificial intelligence, quantum computing, and biotechnology. The scheme envisions financing projects at higher Technology Readiness Levels (TRL), enabling the commercialization of research in these critical areas.
The RDI scheme will operate through a two-tiered funding structure. The first level involves the creation of a Special Purpose Fund (SPF) within the Anusandhan National Research Foundation (ANRF), which will serve as the custodian of the funds. From here, capital will be allocated to second-level fund managers who will oversee investments in various R&D projects, the statement added.
The funding will primarily take the form of long-term concessional loans, although equity financing may be extended, particularly to startups with promising technologies.
The DST (Department of Science and Technology) will act as the nodal department for the scheme's implementation, with the Governing Board of ANRF providing strategic guidance. Also, an Empowered Group of Secretaries (EGoS) will oversee the approval of projects, funds, and sectoral allocations, ensuring that the scheme is aligned with India's long-term strategic and technological goals, said the statement.
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