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Hindustan Times
02-07-2025
- Business
- Hindustan Times
₹1L-crore R&D push for private sector unveiled
The Union Cabinet on Tuesday cleared a scheme with a corpus of ₹ 1 lakh crore to channel funding to the private sector for accelerating research, development, and innovation in sunrise and strategic sectors in the country. Union I&B minister Ashwini Vaishnaw during a cabinet briefing in Delhi on Tuesday. (ANI) The Research Development and Innovation (RDI) scheme, shaped through wide consultations with industry experts, will provide long-term financing or refinancing at low or interest-free rates . It will back projects that have moved beyond early-stage research and reached the prototype stage,said union minister Ashwini Vaishnaw at a press briefing on the cabinet's decisions. 'When a company moves beyond the prototype stage, it often faces the 'valley of death,' a critical phase where many innovations fail due to lack of support,' said Vaishnaw. 'This is exactly when timely assistance is needed to turn a promising prototype into a viable product.' The scheme will target sunrise sectors such as clean energy, climate tech, deep tech (quantum applications, robotics, space teach), AI in key areas, biotech, digital agriculture, and also interestingly technologies required for strategic reasons, economic security, self-reliance or public interest. 'Countries that invest heavily in R&D see long-term gains in productivity and technological advancement across industries,' said Vaishnaw. The Economic Survey 2024-25 noted that even though India has increased the gross expenditure on research & development (GERD) from approximately ₹ 60,196 crore in 2011 to about ₹ 127,381 crore in 2021, it still is a mere 0.64% of its GDP. The survey noted that this remains 'insufficient and remains low compared to many countries that have forged ahead in R&D.' A Press Information Bureau release said the government will give ₹ 1 lakh crore to the Anusandhan National Research Foundation (ANRF) as a 50-year interest-free loan. ANRF, a government body set up to boost research and innovation, will create a special fund that offers concessional finance to second-level fund managers, who will then evaluate and select individual projects for funding. In some cases equity investments in startups may also be considered, the PIB release said. Contributions to the Deep-Tech Fund of Funds, announced in Budget 2025, or any other fund of funds meant for RDI may also be considered, the release added. The RDI scheme will be guided by the ANRF governing board, chaired by the prime minister. Its executive council will set guidelines and recommend fund managers and project types. A group of secretaries, led by the cabinet secretary, will approve changes and review progress. The secretary of the relevant sector will be included in the group. For instance, if a project involves AI, the secretary of the IT ministry will be part of the decision-making body. The department of science and technology will be the nodal agency for implementation. Industry insiders described the scheme as transformative. 'DeepTech is the final frontier in the Indian Startup ecosystem. This ( ₹ 1 Lakh crore over 5 years) is a massive commitment from the Government of India to catalyze private sector R&D and deep tech innovation,' said Rajan Anandan, Managing Director at Peak XV Partners and former head of Google in India and Southeast Asia on X. Nikhil Agarwal, managing director, foundation for innovation and technology transfer (FITT), IIT Delhi, said, 'For the first time, our private sector has a real runway to dream bigger, build deeper, and compete globally. This move can transform India from a service-driven economy into a true innovation powerhouse. It's a defining moment for our nation's future.' He pointed out that for young founders building in AI, space, biotech or semiconductors, access to R&D capital has always been the missing link. This scheme fills that gap, he said, calling it a structural reform that re-imagines how India competes globally.
Time of India
01-07-2025
- Business
- Time of India
R&D push gets green light: Cabinet approves Rs 1 lakh crore scheme to boost innovation
In a move aimed at accelerating India's innovation journey, the Union cabinet, chaired by Prime Minister Narendra Modi, approved the Research, Development and Innovation (RDI) Scheme on Tuesday with a total outlay of Rs 1 lakh crore. Tired of too many ads? go ad free now Announcing the decision, Union I&B minister Ashwini Vaishnaw said the initiative will serve as a gamechanger in strengthening the country's private R&D ecosystem. The RDI Scheme is designed to provide long-term financing or refinancing at low or nil interest rates to stimulate private sector investment in high-impact research and innovation. It aims to bridge the critical funding gaps faced by private players, especially in sunrise and strategic sectors that are vital for India's economic security, self-reliance and global competitiveness. Key objectives of the RDI scheme: Encourage the private sector to scale up R&D efforts in sunrise areas and strategically important sectors. Finance high Technology Readiness Level (TRL) projects with transformative potential. Support acquisition of technologies with strategic significance. Enable the creation of a Deep-Tech Fund of Funds. The scheme will be anchored by the Anusandhan National Research Foundation (ANRF). The Governing Board of ANRF, headed by the Prime Minister, will provide overall strategic direction. The Executive Council (EC) of ANRF will frame the operational guidelines and approve fund managers and project types, while an Empowered Group of Secretaries (EGoS) led by the Cabinet Secretary will oversee performance reviews and approve changes as required. The Department of Science and Technology (DST) will serve as the nodal implementing agency. Funding under the RDI Scheme will follow a two-tier model. A Special Purpose Fund (SPF) will be set up within ANRF to manage the corpus. Funds will then be channelled through selected second-level fund managers, who will provide long-term concessional loans or equity support, particularly for start-ups and deep-tech ventures. As per the government, the RDI Scheme is a key step towards building a robust, self-reliant innovation ecosystem that supports India's goal of becoming a developed nation by 2047 under the vision of Viksit Bharat.
Time of India
13-06-2025
- Business
- Time of India
PM Modi has fulfilled humongous tasks: Vaishnaw on 11 years
NEW DELHI: India has moved from "silence to surgical precision" in giving bold and proportionate responses to cross-border terrorism, BJP said Thursday, referring to , as it highlighted the achievements of Modi government in the last 11 years. Tired of too many ads? go ad free now The party said the country has grown faster on all fronts and people's lives have been transformed in these years. Humongous tasks have been fulfilled under PM Modi's leadership to put the country on the path of "long-term growth", Union I&B minister Ashwani Vaishnaw said at an event to mark the Modi govt's 11 years. He made a presentation on the Modi government's 'seva, sushashan and gareeb kalyan'. BJP chief J P Nadda, Union ministers Amit Shah, Rajnath Singh, Nitin Gadkari & Nirmala Sitharaman were among those present at the event. In its presentation, BJP said India became a global powerhouse under Modi, with per capita GDP increasing from Rs 86,647 in FY 2014 to Rs 2 lakh in FY 2025 due to structural economic reforms. 'Start Up India' scheme provided small loans to empower grassroots entrepreneurs to shift from "survival to growth" and make a "big impact", it said. RBI's financial inclusion index surged from 43 in 2017 to 64 in 2024 with the implementation of the 'PM Jan Dhan Yojna' and other measures.
