Cabinet Approves Research Development and Innovation (RDI) Scheme to scale up Research, Development and Innovation in Strategic and Sunrise Domains

In a transformative step to bolster India’s research and innovation ecosystem, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has tuesday approved the Research Development and Innovation (RDI) Scheme with a corpus of Rs. One lakh Crore.

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Recognizing the critical role that the private sector plays in driving innovation and commercializing research the RDI 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. The scheme has been designed to overcome the constraints and challenges in funding of private sector and seeks to provide growth & risk capital to sunrise and strategic sectors to facilitate innovation, promote adoption of technology and enhance competitiveness. Key objectives of the Scheme are as follows:

a) Encourage the private sector to scale up research, development, and innovation (RDI) in sunrise domains and in other sectors relevant for economic security, strategic purpose, and self-reliance;