PM Modi unveils ₹1 lakh crore fund to drive private-sector research, innovation

New Delhi [India], November 3 (ANI): Prime Minister Narendra Modi on Monday launched the Rs 1 lakh crore Research Development and Innovation (RDI) Scheme Fund, which was initially announced in the interim Budget of 2024-25.
The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates, Finance Minister Nirmala Sitharaman had said, presenting the 2024-25 interim Budget on February 1, 2024. This fund, she had said, will encourage the private sector to scale up research and innovation significantly in sunrise domains.
Today, PM Modi, while launching the research fund at the Emerging Science, Technology and Innovation Conclave 2025, asserted that when science meets scale, when innovation becomes inclusive, when technology drives transformation, the foundation for great achievements is laid.
The RDI scheme has a total outlay of Rs 1 lakh crore over 6 years, with Rs 20,000 crore allocated for FY 2025-26, funded from the Consolidated Fund of India. It offers long-term low or zero-interest loans, equity investments, and contributions to Deep-Tech Fund of Funds. Grants and short-term loans are not provided under this scheme, Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences informed Rajya Sabha in a written reply on July 31, 2025.
"Over the past 10-11 years, India has exemplified this vision in action. India is no longer just a consumer of technology. It has become a pioneer of transformation through technology," PM Modi said.
PM Modi said his government is focusing on Ease of Doing Research so that a modern ecosystem of innovation can flourish in India.
"To achieve this vision, our government has introduced significant reforms in financial regulations and procurement policies. Additionally, we have streamlined incentives and supply chain frameworks to accelerate the transition of prototypes from the lab to the market," he added.
Over the past decade, India's R&D expenditure has doubled, demonstrating our commitment to innovation, PM said.
"Additionally, the number of registered patents has grown an impressive 17-fold. In the startup landscape, India has emerged as the third-largest ecosystem globally," he apprised the gathering.
"When innovation is inclusive, its leaders emerge as the greatest beneficiaries. Indian women serve as a prime example of this. Their contributions are widely recognized, particularly in discussions about India's advancements in space exploration. A decade ago, the number of patents filed by women in India was less than 100 annually," he said.
Today, that number has surged to over 5,000 each year. Additionally, women make up 43 per cent of those pursuing STEM education in India--well above the global average, the prime minister said at the conclave.
ESTIC 2025 is being held from 3-5 November 2025. The conclave will bring together over 3,000 participants from academia, research institutions, industry and government, along with Nobel Laureates, eminent scientists, innovators and policymakers. Deliberations will focus on 11 key thematic areas, including Advanced Materials & Manufacturing, Artificial Intelligence, Bio-Manufacturing, Blue Economy, Digital Communications, Electronics & Semiconductor Manufacturing, Emerging Agriculture Technologies, Energy, Environment & Climate, Health & Medical Technologies, Quantum Science & Technology, and Space Technologies.
ESTIC 2025 will feature talks by leading scientists, panel discussions, presentations and technology showcases, providing a platform for collaboration among researchers, industry and young innovators to strengthen India's science and technology ecosystem. (ANI)

(This article was generated from news agency ANI without modifications to the text.)