Union Minister of State for Science and Technology, Dr. Jitendra Singh, revealed that the Rs 1 lakh crore Research, Development, and Innovation (RDI) fund for industry projects will commence by the end of this month. The funding framework has entered the execution phase, with two public sector institutions set to support industry projects. The RDI scheme, approved by the Union Cabinet last year, aims to back high-risk research and enhance connections between labs, startups, and industry.
The Technology Development Board (TDB) and the Biotechnology Industry Research Assistance Council (BIRAC) have been approved as the first Second-Level Fund Managers (SLFMs) under the RDI Fund. TDB will manage projects across various sectors, while BIRAC will focus on biotechnology. Both organizations are expected to issue their first calls for proposals by January 2026 to support innovation-driven ventures.
Initial allocations of Rs 2,000 crore each have been assigned to TDB and BIRAC, totaling Rs 4,000 crore under the scheme. These funds will be utilized for startups, companies, and industry projects. The deadline for applications from other Second Level Fund Managers is January 31, with various entities like Alternate Investment Fund structures and Development Finance Institutions being considered.
Emphasizing timely execution and coordination among science departments, Minister Singh highlighted the importance of ensuring public funding translates into tangible outcomes for industry and society. Efforts to streamline procedures and enhance transparency in the RDI scheme are underway, including revisions based on stakeholder feedback.
