CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In a transformative move to strengthen India's research ecosystem and promote innovation, the Union Cabinet led by Prime Minister Narendra Modi has approved the Research Development and Innovation (RDI) Scheme. With a substantial corpus of ?1 lakh crore, the initiative is designed to catalyse private sector participation in R&D, particularly in emerging and strategic sectors, positioning India at the forefront of technological advancement and self-reliance.
About RDI Scheme
The RDI Scheme is a strategic initiative aimed at addressing long-standing gaps in research funding by offering long-term financing or refinancing options to the private sector. These funds will come with low or zero interest rates, encouraging industries to invest in cutting-edge research, new-age technologies, and deep-tech innovation.
The scheme has been structured to lower financial barriers, provide growth and risk capital, and enable transformational projects in areas critical to India’s economic security, strategic interests, and technological sovereignty.
Key Objectives Of RDI Scheme
Stimulate Private Sector R&D: Foster greater participation of private entities in research and innovation, especially in sunrise sectors like AI, robotics, clean energy, quantum computing, space tech, and biotechnology.
Finance High-TRL Projects: Support projects that are nearing commercialisation stages (higher Technology Readiness Levels), bridging the "valley of death" in tech development.
Support Technology Acquisition: Enable the purchase and integration of critical or strategic technologies vital for national interests.
Develop Deep-Tech Investment Ecosystem: Facilitate the creation of a dedicated Deep-Tech Fund of Funds to support startups and MSMEs involved in advanced technologies.
Governance Structure
The scheme will be implemented under the Anusandhan National Research Foundation (ANRF). Key decision-making and oversight will be carried out through a multi-tiered governance model:
Governing Board of ANRF: Chaired by the Prime Minister, this board will steer the long-term strategic vision of the scheme.
Executive Council (EC) of ANRF: Responsible for formulating operational guidelines, selecting second-level fund managers, and defining sectoral priorities.
Empowered Group of Secretaries (EGoS): Headed by the Cabinet Secretary, this group will review performance, approve mid-course corrections, and oversee second-level fund manager selections.
Nodal Ministry: The Department of Science and Technology (DST) will act as the central coordinating body for execution.
Funding Mechanism: Two-Tiered Model
The RDI scheme will be financed through a robust two-tier funding structure:
Tier 1: Special Purpose Fund (SPF) under ANRF
A centralised Special Purpose Fund will be set up to hold the Rupees 1 lakh crore corpus. This fund will act as a repository and disbursal point for various innovation-driven financial initiatives.
Tier 2: Second-Level Fund Managers
These entities will be allocated funds from the SPF and will be responsible for disbursing concessional long-term loans or making equity investments in select R&D projects and startups. They may also contribute to the Deep-Tech Fund of Funds, supporting a broader ecosystem of R&D-linked enterprises.
Strategic Impact Of RDI Scheme
Boosts Self-Reliance: Aligns with the Atmanirbhar Bharat vision by building domestic capabilities in future technologies.
Promotes Public-Private Synergy: Encourages joint ventures and collaborations between academia, startups, industry leaders, and the government.
Enhances Global Competitiveness: Supports India's ambition to become a global innovation hub.
Generates High-Skill Jobs: Investment in RDI will lead to the creation of skilled employment opportunities in research, engineering, and high-tech manufacturing.
Looking Ahead
The Research Development and Innovation Scheme represents a landmark policy shift to make India a global leader in deep-tech and innovation. With a structured funding model and high-level oversight, it is set to transform India’s R&D landscape, attract investments, and build strategic technological capabilities critical for the 21st-century economy.
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