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Union Cabinet clears ₹1 trillion RDI scheme to fund innovation in tech
The scheme aims to provide long-term financing or refinancing with long tenors at low or nil interest rates to spur private sector investment in RDI through a two-tiered structure.
The flow of funds would take place through grant of 50-year interest-free loans to the Anusandhan National Research Foundation (ANRF), chaired by the Prime Minister. ANRF would then give long-term concessional loans to second-level fund managers such as Alternative Investment Funds, Development Finance Institutions and Non-Banking Financial Companies.
These second-level fund managers would then finance individual projects. The scheme would also facilitate setting up of a Deep-Tech Fund of Funds, finance transformative projects at higher levels of technology, and support acquisition of critical technologies of high strategic importance.
'There is an urgent need for funding innovation. It is definitely needed. Globally, governments in countries like the US have financed the National Science Fund,' said economist N R Bhanumurthy.
The Department of Science and Technology (DST) will serve as the nodal department for implementation of the scheme.
The Governing Board of ANRF will provide overarching strategic direction to the RDI Scheme and its Executive Council would recommend the guidelines for the scheme and second-level fund managers along with the scope and type of projects in sunrise sectors.
'By addressing the critical need of private sector for long-term, affordable financing, the RDI Scheme fosters self-reliance and global competitiveness, thereby facilitating a conducive innovation ecosystem for the country as it marches towards Viksit Bharat at 2047,' a press statement by the government said.
Changes to the scheme, sectors or the type of projects, as well as second-level fund managers, would be approved by an Empowered Group of Secretaries led by the Cabinet Secretary, the statement said.
The focus of the scheme would include the digital economy, including digital agriculture, technologies required for strategic reasons, economic security, self-reliance and public interest. The scheme would support artificial intelligence and its application to India-specific challenges in agriculture, health and education.
The press statement by the government said, 'The scheme has been designed to overcome the constraints and challenges in funding of the private sector and seeks to provide growth and risk capital to sunrise and strategic sectors to facilitate innovation, promote adoption of technology and enhance competitiveness.'
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