New Delhi, Jan 19 (NationPress) Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, announced that the Rs 1 lakh crore Research, Development, and Innovation (RDI) fund designed for industry-supported initiatives will be initiated by the end of this month.

During a review meeting concerning the RDI Fund scheme, the Minister highlighted that the funding framework is now in the execution phase, with two public sector institutions ready to commence the funding for industry-supported projects.

The RDI scheme was sanctioned by the Union Cabinet on July 1 of last year and officially launched on November 3, accompanied by the implementation guidelines, a notice inviting applications, and a dedicated digital portal introduced by Prime Minister Narendra Modi.

“This initiative seeks to back high-risk, high-impact research and enhance connections between laboratories, startups, and industry,” the Minister stated during the meeting.

The Department of Science & Technology (DST) has designated the Technology Development Board (TDB) and the Biotechnology Industry Research Assistance Council (BIRAC) as the inaugural Second-Level Fund Managers (SLFMs) under the RDI Fund, a Rs 1 lakh crore venture aimed at fostering private sector-led research and innovation.

“According to the approved implementation structure, TDB will serve as the Second-Level Fund Manager for projects covering all RDI sunrise and strategic sectors, while BIRAC will manage biotechnology and related sectors. Both organizations are expected to issue their first calls for proposals by the end of January 2026, facilitating the swift allocation of RDI Fund resources to ventures focused on innovation that have surpassed TRL-4,” the Ministry of Science & Technology conveyed.

Each organization will receive Rs 2,000 crore in the initial quarter, bringing the preliminary allocation under the scheme to Rs 4,000 crore, with expectations to announce project proposal calls from startups, companies, and industries by the end of January.

The deadline for receiving applications from other Second Level Fund Managers is January 31. These managers could include the Alternate Investment Fund structure (AIF), Development Finance Institutions (DFIs), Non-Banking Finance Corporations (NBFC), and Focused Research Organizations (FRO), as stated by the Ministry.

Moreover, Singh emphasized the importance of timely execution of the RDI scheme and the necessity for close collaboration among scientific departments.

“Public funding for research and innovation should result in quantifiable benefits for both industry and society,” Singh remarked.

The Minister also reviewed steps being undertaken to streamline processes, including amendments to the implementation guidelines based on stakeholder input, to promote transparency and enhance participation.