New Delhi, Sep 3 The recently launched Research, Development and Innovation (RDI) Scheme is a transformative step that will foster India’s growth in science and innovation on the world stage, according to a media report.
In July, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the RDI scheme, allocating Rs 1 lakh crore for it.
The scheme aims at transforming the private research and innovation ecosystem in the country.
“The initiative will stimulate private sector participation in research, development, and innovation, particularly in 'sunrise' sectors -- emerging industries poised to shape the future -- and strategic areas critical to India’s growth and security,” noted the report in news platform Newsbomb Greece.
With long-term financing and refinancing at low or zero interest rates, the RDI Scheme will provide an unprecedented boost to companies, start-ups, and innovators across the country, the report said.
With such a transformative financial structure, "innovators can focus on experimentation, product development, and market expansion without the burden of prohibitive financing costs," the report said.
This will foster a culture of entrepreneurial research that can rapidly respond to market needs and technological shifts.
Further, this will enable startups and SMEs to bring their cutting-edge ideas to market. The innovative scheme thus bridges the gap between invention and commercial application, the report said.
The RDI Scheme particularly focusses on innovation in “sunrise sectors -- ranging from renewable energy, electric mobility, advanced materials, biotechnology, artificial intelligence, and next-generation computing”. These sectors are expected to define the 21st century.
In addition, the scheme also lays emphasis on strategic industries such as defence technology, aerospace, semiconductors, and advanced manufacturing.
These are “essential for India’s long-term growth and self-reliance,” the report said.
With the RDI Scheme, companies in the country can now invest confidently “in technologies that enhance national capabilities, while also competing on the global stage”.
“The emphasis on strategic sectors reflects a vision of an India that is not only a consumer of technology but also a creator and exporter of cutting-edge solutions,” the report said.
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