NEW DELHI: The private sector response to the recently-unveiled Research, Development, and Innovation (RDI) Fund, based on a “scientifically conceived idea” by India’s premier Narendra Modi to support domestic innovators, is very enthusiastic, a senior minister said.
“The response has been very enthusiastic. This (RDI Fund) is a unique initiative, possibly first-of-its-kind, where the government is coming forward to accelerate the private sector. This could be possible because Prime Minister Narendra Modi is very forthcoming in such progressive steps and has been liberal as far as the engagement of the private sector in government ventures, is concerned,” Jitendra Singh, Minister of State for Department of Science & Technology, Space, and Atomic Energy, told ET.
Further, Singh said it is a very “scientifically-conceived” idea, while the scheme’s attractive part includes a 50% contribution from the private player.
On November 3, Prime Minister Narendra Modi launched the ambitious RDI Fund, touted to be India’s largest spending on research-led innovation. The scheme aims to accelerate the development of breakthrough technologies in line with the national vision of Viksit Bharat (Developed India) 2047.
