Rs 1 lakh crore fund to mitigate R&D risks: Secy DST

The recently launched Rs 1 lakh crore Research Development and Innovation (RDI) fund, particularly focused on India's private sector, aims to support the private research and innovation mindset among players and mitigate the financial risks associated with it.

- CORRESPONDENT

Speaking at a workshop organised by the Department of Science and Technology (DST) and the industry chamber FICCI, Secretary of the DST, Abhay Karandikar, has asserted that, largely, the private sector has "shied away from investing" in cutting-edge technology development, which at times requires longer gestation periods.

The DST, quoting their own estimates, noted that the gross expenditure on R&D by the private sector continues to be in the range of 30-35 per cent of their total expenditure.

"And generally, it has been seen that the private sector has shied away from investing in cutting-edge technology development, which requires longer gestation periods," the DST Secretary Karandikar added.

Understanding the issues the private sector faces in doing R&D that has a long gestation period, the government, according to the Secretary, brought in this Rs 1 lakh crore RDI corpus.