India Revolutionizes Innovation Financing with Private R&D Funding

The Union Minister of Science and Technology, Jitendra Singh, announced a pioneering initiative by the Technology Development Board (TDB) on Tuesday. This initiative, a Research, Development and Innovation (RDI) Fund, is designed to provide direct government funding to private sector R&D projects, marking a significant change in India's innovation funding.

During a press conference addressing the launch of TDB's RDI Fund, Minister Singh revealed an overwhelming industry response with 191 proposals submitted, predominantly from private entities. This response is a testament to the growing enthusiasm and trust from private players in the government-backed initiative.

Minister Singh underlined the importance of guiding applicants to focus on advanced research rather than short-sighted gains. The RDI Fund, a $100 million corpus, offers low-interest financing, promoting deep-tech innovation beyond early-stage research, and represents the government's commitment to transforming India's innovation landscape.