|
Union Minister of Science and Technology Jitendra Singh on Tuesday said that the Technology Development Board's (TDB) Research, Development and Innovation (RDI) Fund marks one of the first initiatives of its kind by the government to directly fund private sector R&D, calling it a major shift in India's innovation financing ecosystem.
Addressing a press conference on the launch of the first call of TDB's RDI Fund, Singh highlighted a strong industry response. The minister said 191 proposals were received under the first call, of which nearly 160 came from private sector entities, indicating growing confidence and interest among private players. "This shows a huge response from the private sector. Now the responsibility is to ensure that the fund is utilised in the spirit in which it has been launched," he added. He said the next phase would involve identifying futuristic, nationally relevant themes aligned with India's 25-year development roadmap to preserve the initiative's integrity and long-term intent. The minister also underlined the importance of handholding and counselling for applicants to ensure proposals remain focused on cutting-edge R&D rather than routine manufacturing or short-term gains. He said the initiative reflects the Centre's out-of-the-box thinking under Prime Minister Narendra Modi, which has already opened up traditionally government-dominated sectors such as space and nuclear energy to private participation. "This is perhaps one of the first instances where the government itself is funding the private sector for R&D. It breaks several taboos of the past," the minister added. The RDI Fund is a USD 100 million corpus, offering long-term, low-interest financing of around 2 per cent, with flexible terms and equity-based risk coverage, making it one of the easiest funding mechanisms available for deep-tech innovation. Singh said the fund is aimed at supporting projects at Technology Readiness Level (TRL) 4 and above, enabling innovators who have moved beyond early-stage research to develop prototypes and scale up technologies. He stressed that the RDI Fund should be seen as part of a larger innovation ecosystem, alongside schemes of the Anusandhan National Research Foundation (ANRF) and other science departments. Calling upon the media to play a proactive role, Singh said journalists would be our greatest messengers in educating stakeholders about the objectives and scope of the RDI Fund. The Technology Development Board is expected to continue issuing additional calls under the RDI framework as India seeks to strengthen private-sector-led innovation and deep-tech research. (ANI)
|
