In an effort to spur private sector investment in research and development (R&D), the Union Cabinet on Tuesday gave a go-ahead to the Research Development and Innovation (RDI) Scheme.
With an outlay of ₹1 lakh crore, the scheme is aimed at promoting the private sector to scale up R&D and innovation in sunrise domains and in other sectors relevant for economic security, strategic purpose, and self-reliance.
The initiative is designed to overcome the constraints and challenges in funding of the private sector and seeks to provide growth & risk capital to sunrise sectors.
A Deep-Tech Fund of Funds will also be set up under the scheme, with support for acquisition of strategically important technologies.
As per the Cabinet’s decision, the Governing Board of Anusandhan National Research Foundation (ANRF), chaired by the Prime Minister, will provide overarching strategic direction to the RDI Scheme., with the Department of Science and Technology serving as the nodal department for implementation of the scheme.
