With a total investment of Rs 1 lakh crore, the Union cabinet, led by Prime Minister Narendra Modi, approved the Research, Development and Innovation (RDI) Scheme on Tuesday in an effort to speed up India's innovation path. Union I&B Minister Ashwini Vaishnaw made the announcement, stating that the project will be a game-changer in bolstering the nation's private R&D environment.
The purpose of the RDI Scheme is to encourage private sector investment in high-impact research and innovation by offering long-term financing or refinancing at low or zero interest rates. It seeks to close the significant financial gaps that private companies confront, particularly in the key and emerging industries that are essential to India's economic stability, independence, and ability to compete globally.
Fund projects with revolutionary potential that have a high Technology Readiness Level (TRL). Encourage the purchase of technologies that are strategically important and make it possible to establish a Deep-Tech Fund of Funds.
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The Anusandhan National Research Foundation (ANRF) will serve as the scheme's anchor. Overall strategic direction will be provided by the Prime Minister-led ANRF Governing Board. An Empowered Group of Secretaries (EGoS), headed by the Cabinet Secretary, will supervise performance reviews and authorize modifications as needed, while the Executive Council (EC) of ANRF will establish Industrial operations standards and approve fund managers and project types.
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