Govt Unveils ₹1 Lakh Crore Plan to Spur Private R&D Investment.

The Union Cabinet on Tuesday gave its nod to a landmark ₹1 lakh crore Research, Development, and Innovation (RDI) scheme, designed to significantly boost private sector investment in key strategic and high-growth areas through accessible, long-term, and low-cost funding.

The ambitious initiative aims to accelerate research, development, and innovation across sunrise domains and other sectors vital for India's economic security, strategic objectives, and self-reliance.

Prime Minister Narendra Modi hailed the scheme as a "game-changer" for research and innovation. In a social media post, he emphasized its "major impact on emerging and sunrise sectors" and its potential to "boost private sector participation in the world of R&D."

Addressing reporters, Information & Broadcasting Minister Ashwini Vaishnaw explained that the scheme will offer long-term financing or refinancing with extended tenors at minimal or zero interest rates. This structure is specifically crafted to overcome existing funding challenges faced by the private sector, providing crucial growth and risk capital. The ultimate goal is to foster innovation, encourage technology adoption, and enhance overall competitiveness within these vital sectors.