New Delhi, Aug 1 The recently allocated Rs 1 lakh crore RDI fund will boost private sector research and innovation, said Union Minister of State (Independent Charge) for Science and Technology Jitendra Singh, on Friday.
Singh said while addressing the ASSOCHAM Conference on ‘Sovereign Tech for India's Digital Transformation’, held under the theme ‘Bharat@100', reaffirmed the government’s unwavering commitment to achieving self-reliance in emerging technologies.
"The government has launched the ambitious Rs 1 lakh crore Research, Development, and Innovation (RDI) Scheme to transform private sector R&D, particularly in sunrise and strategic sectors," Singh said.
He noted that the scheme "will provide long-term, low-interest loans and risk capital to support deep-tech, critical technologies, and transformative projects".
The RDI Fund will be set up as a Special Purpose Fund under the Anusandhan National Research Foundation (ANRF).
Further, a dedicated 'Deep-Tech Fund of Funds’ will also be established to scale up private investment in innovation.
The Science and Technology Minister also highlighted the government’s bold policy shift towards deeper collaboration with the private sector.
Recalling the historic opening up of the Space and Nuclear sectors, once shrouded in secrecy, he noted how these reforms have catapulted India’s space economy to $8 billion, with projections to touch $40 billion in the coming years.
“We appeal to the industry to come forward and harness the full spectrum of opportunities opened up by the government. India’s technological footprint is expanding, and the world is watching,” Singh said.
Referring to India’s rapid ascent as the world’s fourth-largest economy, Singh asserted that the "foundational reforms" undertaken in the last decade would soon propel the country to the third position.
Singh also underlined India’s global visibility in advanced domains, citing the example of Indian astronaut Shubhanshu Shukla participating in an international space mission -- a testament to India being seen as a credible and equal technology partner on the world stage.
Notably, the Minister emphasised the urgent need to build indigenous data repositories rather than relying on foreign datasets, which often lack the contextual understanding of Indian needs.
He proudly shared the achievement of the Department of Biotechnology in setting up the Indian Biological Data Centre (IBDC) -- India’s national repository for genomic data, which includes over 10,000 whole-genome sequences from the Genome India project.
The MoS also highlighted the emerging startup revolution from India’s heartland, revealing that nearly 50 per cent of Indian startups now hail from Tier-2 cities, with a significant number led by women entrepreneurs.
"This is a reflection of inclusive growth and democratisation of technology," he noted.
In addition, Singh highlighted the National AI Mission and stressed the need for a hybrid model that synergises Artificial Intelligence with Human Intelligence, cautioning against a blind rush into automation.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor