A game-changing funding mechanism for research and innovation is set to roll out in India by late January, targeting industry-supported projects under the newly minted Research, Development, and Innovation (RDI) program. Two premier public institutions are primed to channel funds, signaling the government’s push for collaborative R&D.
Science and Technology Minister Dr. Jitendra Singh led a comprehensive review that greenlit the scheme’s operational phase. Approved by the Cabinet last July 1 and inaugurated by PM on November 3 with a user-friendly portal, the RDI initiative has moved swiftly from planning to execution.
The minister was updated on how the program aims to back bold, high-stakes research that promises substantial returns. It prioritizes building bridges between labs, entrepreneurial startups, and established industries, ensuring innovations don’t remain confined to papers but reach markets and communities.
DST’s nod to TDB and BIRAC as SLFMs positions them at the forefront of fund allocation. This setup streamlines the process, making it easier for industry partners to secure support for joint ventures with research bodies.
‘Private sector involvement is key to unlocking R&D potential,’ Dr. Singh asserted, highlighting the scheme’s focus on translational research. This means turning lab discoveries into viable products, fostering economic growth and solving real-world problems.
The timing couldn’t be better amid India’s drive for self-reliance in technology. Experts predict this will ignite a wave of startups and scale-ups, particularly in biotech and tech domains, by de-risking ambitious projects.
Industry leaders are buzzing with anticipation, preparing proposals to tap into the funds. The dedicated portal promises transparency and efficiency, minimizing bureaucratic hurdles.
As the RDI scheme launches, it embodies India’s vision for a vibrant innovation ecosystem where public funds amplify private ambition, driving the nation towards technological leadership.