₹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.

- Sejal Sharma

NEW DELHI:

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."