New Delhi, Dec 13: The recently launched Rs 1 lakh crore Research, Development, and Innovation (RDI) fund will act as a historic catalyst to empower India’s private sector, said Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, on Saturday.
Addressing the RDI Fund Outreach Programme in New Delhi, the Minister said that funds will enable the private sector to drive the next wave of R&D, IP creation, and commercialisation in frontier technologies in the country.
He noted that the initiative represents a first-of-its-kind global model where the Government steps forward to financially enable private-sector innovation through long-term, unsecured, low-interest loans and equity-based instruments, signalling unprecedented trust and confidence in Indian industry.
He added that the RDI Fund is part of a wider national ecosystem that includes missions in AI, semiconductors, quantum technologies, cyber-physical systems, MedTech, clean energy, and the reform-driven expansion of the space and nuclear sectors.
The RDI Fund acts like “the initial push to start a stalled engine”, after which the private sector is expected to take charge, scale up, and contribute significantly to national progress. He added that the initiative reflects Prime Minister Narendra Modi’s bold reforms, which have opened sectors such as space, atomic energy, and advanced technologies to private participation at an unprecedented pace.
Singh underscored the uniqueness of the RDI Fund’s financial architecture, describing it as a global first in public financing for private-sector innovation. The Fund offers unsecured loans without any collateral or guarantees, coupled with a minimal interest rate of less than 3 per cent, a rare precedent internationally, the Minister said.
He also emphasised the flexibility built into the project cost-sharing mechanism, which enables industry to mobilise resources from external partners, investors, and philanthropic foundations. (IANS)
