The private sector response to the recently-unveiled Research, Development, and Innovation (RDI) Fund, based on a "scientifically conceived idea" by India's premier Narendra Modi to support domestic innovators, is very enthusiastic, a senior minister said.
"The response has been very enthusiastic. This (RDI Fund) is a unique initiative, possibly first-of-its-kind, where the government is coming forward to accelerate the private sector. This could be possible because Prime Minister Narendra Modi is very forthcoming in such progressive steps and has been liberal as far as the engagement of the private sector in government ventures is concerned," Jitendra Singh, Minister of State for Department of Science & Technology, Space, and Atomic Energy told ET.
Further, Singh said it's a very “scientifically-conceived” idea while the scheme’s attractive part includes a 50 percent contribution from the private player.
On November 3, Prime Minister Narendra Modi launched the ambitious RDI Fund, touted to be India’s largest spending in research-led innovation. The scheme aims to accelerate development of breakthrough technologies in line with the national vision of Viksit Bharat (Developed India) 2047.
The scheme acts as a Special Purpose Fund under the Anusandhan National Research Foundation (ANRF) and is implemented through Second Level Fund Managers (SLFMs) to support high-risk and high-impact innovations.
With a total outlay of ₹1 lakh crore over a six-year period, it seeks to catalyse private sector R&D in deep tech and sunrise sectors for economic security, strategic purpose and self-reliance, and supports transformative, high-TRL (Technology Readiness Level) projects and the acquisition of critical technologies.
"The work has to be TRL4. It's not the early starter, and which does not mean that the Modi government is not supporting the startups. We have different sets of schemes for them, including startup policy and venture funds. We have lot of other supportive and enabling measures, Singh added.
Further, the minister said that the objective is to support the larger ecosystem comprising of every group and every section of innovators. "And this is one group which is expected to raise its innovation to a level where it is now going to be reasonably ready to transform into a commercial unit or into entrepreneurial opportunity."
The program mandates financing of up to 50% of assessed project cost for transformative RDI projects at Technology Readiness Levels (TRLs) 4 and above. Any exceptions require approval from the Empowered Group of Secretaries (EGoS).
For FY 2025-26, the Centre earmarked ₹20,000 crore as the Budget Estimate (BE), but the figure was revised to ₹3,000 crore for FY26 since the scheme was officially kicked off in November 2025, with dismal expenditure as of March 31, 2026.
"I think, we have received more than 200 proposals, which are currently under evaluation. For the time being, we have nominated two fund managers from the government sector that includes the Technology Development Board (TDB) and Biotechnology Industry Research Assistance Council (BIRAC)."
The Department of Science & Technology (DST) secretary Abhay Karandikar-headed TDB alone received about 100 proposals from various startups and companies.
In a bid to promote prestigious scheme, the department also conducted mega outreach programs across top cities including Mumbai, Delhi, Bengaluru and Chandigarh.
"The response has been very enthusiastic. This (RDI Fund) is a unique initiative, possibly first-of-its-kind, where the government is coming forward to accelerate the private sector. This could be possible because Prime Minister Narendra Modi is very forthcoming in such progressive steps and has been liberal as far as the engagement of the private sector in government ventures is concerned," Jitendra Singh, Minister of State for Department of Science & Technology, Space, and Atomic Energy told ET.
Further, Singh said it's a very “scientifically-conceived” idea while the scheme’s attractive part includes a 50 percent contribution from the private player.
On November 3, Prime Minister Narendra Modi launched the ambitious RDI Fund, touted to be India’s largest spending in research-led innovation. The scheme aims to accelerate development of breakthrough technologies in line with the national vision of Viksit Bharat (Developed India) 2047.
The scheme acts as a Special Purpose Fund under the Anusandhan National Research Foundation (ANRF) and is implemented through Second Level Fund Managers (SLFMs) to support high-risk and high-impact innovations.
With a total outlay of ₹1 lakh crore over a six-year period, it seeks to catalyse private sector R&D in deep tech and sunrise sectors for economic security, strategic purpose and self-reliance, and supports transformative, high-TRL (Technology Readiness Level) projects and the acquisition of critical technologies.
"The work has to be TRL4. It's not the early starter, and which does not mean that the Modi government is not supporting the startups. We have different sets of schemes for them, including startup policy and venture funds. We have lot of other supportive and enabling measures, Singh added.
Further, the minister said that the objective is to support the larger ecosystem comprising of every group and every section of innovators. "And this is one group which is expected to raise its innovation to a level where it is now going to be reasonably ready to transform into a commercial unit or into entrepreneurial opportunity."
The program mandates financing of up to 50% of assessed project cost for transformative RDI projects at Technology Readiness Levels (TRLs) 4 and above. Any exceptions require approval from the Empowered Group of Secretaries (EGoS).
For FY 2025-26, the Centre earmarked ₹20,000 crore as the Budget Estimate (BE), but the figure was revised to ₹3,000 crore for FY26 since the scheme was officially kicked off in November 2025, with dismal expenditure as of March 31, 2026.
"I think, we have received more than 200 proposals, which are currently under evaluation. For the time being, we have nominated two fund managers from the government sector that includes the Technology Development Board (TDB) and Biotechnology Industry Research Assistance Council (BIRAC)."
The Department of Science & Technology (DST) secretary Abhay Karandikar-headed TDB alone received about 100 proposals from various startups and companies.
In a bid to promote prestigious scheme, the department also conducted mega outreach programs across top cities including Mumbai, Delhi, Bengaluru and Chandigarh.
