PM Modi Launches ₹1 Lakh Crore RDI Fund to Boost Private Sector R&D Investments

Prime Minister Narendra Modi on Monday launched the ₹1 lakh crore Research, Development and Innovation (RDI) Fund to strengthen private sector participation in scientific research and innovation.

The announcement was made at the first-ever Emerging Science Technology and Innovation Conclave (ESTIC), which convenes policymakers, innovators, and global thought leaders to advance the government’s ‘Viksit Bharat 2047’ vision.

During the event, the Prime Minister also unveiled a coffee table book on India’s scientific achievements and a vision document for science and technology, outlining the country’s long-term innovation roadmap.

The Department of Science and Technology (DST) will serve as the nodal ministry for the RDI Fund, which will function through a two-tiered funding structure.

At the first level, a Special Purpose Fund (SPF) will be created within the Anusandhan National Research Foundation (ANRF) to manage the ₹1 lakh crore corpus.

The RDI Fund will not directly invest in industries or startups. Instead, it will channel capital through second-level fund managers, such as Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), and Non-Banking Finance Companies (NBFCs).

These fund managers will make investment recommendations via independent committees composed of experts from financial, business, and technical fields — operating at arm’s length from the government to ensure transparency and merit-based selection.