New Delhi, Dec 13 (NationPress) The newly unveiled Rs 1 lakh crore Research, Development, and Innovation (RDI) fund is set to serve as a groundbreaking catalyst to empower the private sector in India, stated Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science & Technology, on Saturday.

During the RDI Fund Outreach Programme in New Delhi, he emphasized that the fund will enable the private sector to spearhead the forthcoming wave of R&D, intellectual property creation, and commercialization of frontier technologies within the nation.

Dr. Singh highlighted that this initiative marks a global first, wherein the Government actively supports private sector innovation through long-term, unsecured, low-interest loans and equity instruments, demonstrating an unprecedented level of trust and confidence in Indian industry.

“This is not an act of charity; it is a significant push to assist the private sector in accelerating India's ascent in deep tech,” he asserted.

He further pointed out that the RDI Fund is a component of a larger national ecosystem, which encompasses missions in AI, semiconductors, quantum technologies, cyber-physical systems, MedTech, clean energy, and the reform-driven expansion of the space and nuclear sectors.

The RDI Fund serves as “the initial push to start a stalled engine,” after which the private sector is anticipated to take control, scale operations, and play a pivotal role in national progress.

He lauded Prime Minister Narendra Modi’s bold reforms, which have opened up sectors like space, atomic energy, and advanced technologies for private participation at an unparalleled pace.

Singh emphasized the uniqueness of the RDI Fund's financial architecture, calling it a groundbreaking approach in public financing for private sector innovation.

The Fund provides unsecured loans without collateral or guarantees, with a remarkably low interest rate of less than 3%, breaking new ground internationally, as per the Minister.

He also highlighted the flexibility in the project cost-sharing mechanism, allowing the industry to gather resources from external partners, investors, and philanthropic sources.

“This framework represents the government’s bravery, conviction, and profound trust in India’s innovators, significantly fortifying the innovation value chain and facilitating the journey from discovery and development to large-scale deployment,” Singh concluded.