India backs high-risk, high-impact R&D to drive innovation: PM Modi
Prime Minister Narendra Modi launched a Rs 1 lakh crore Research, Development and Innovation (RDI) Fund to boost private sector investment in high-risk, high-impact research and development. India aims to become a global science and technology leader by supporting innovation, promoting ease of doing research, and fostering inclusivity, especially with increased participation of women in STEM fields.
At the inaugural Emerging Science, Technology and Innovation Conclave (ESTIC), Prime Minister Narendra Modi announced the launch of a Rs 1 lakh crore Research, Development and Innovation Fund to spur private sector involvement in research and development, focusing on high-risk, high-impact projects. The government aims to foster a modern innovation ecosystem by reforming financial regulations and procurement policies to ease the transition from lab to market. India’s R&D expenditure has doubled in the past decade with patent registrations increasing 17-fold, positioning the country as the third-largest startup ecosystem worldwide. Modi highlighted the creation of the Anusandhan Research Foundation to support university-level innovation and emphasized the significant rise in women’s participation in science and technology, with women now accounting for 43% of STEM students and a notable increase in patents filed by women. The government’s objective is to transform India from a technology consumer to a pioneer in technological innovation and inclusivity.
