As a part of countrywide outreach through a series of meets in different cities, Union Minister of State (Independent Charge) for Science & Technology, Dr. Jitendra Singh today held an over two hour interaction with the Mumbai Industry wherein he underlined the landmark ₹1 lakh crore Research, Development and Innovation (RDI) Fund announced by PM Narendra Modi on 3rd November this year  as a transformational catalyst for private-sector driven R&D, IP creation, and commercialization in sunrise technologies.

Addressing the first Outreach Programme of the RDI Fund at the Jio Convention Centre, Mumbai, the Minister said that India’s economic rise in the coming decades will be powered by “science, technology and innovation-led growth”, and called upon Indian industry, investors, and start-ups to “step forward with ambition, risk appetite and long-term commitment”.  India is set to emerge as a global leader in deep-tech innovation, he said.

The event was organised by the Research, Development and Innovation (RDI) Fund, a Special Purpose Fund, and Independent Business Unit under the Anusandhan National Research Foundation (ANRF). The programme brought together fund managers, industry leaders, investors, start-ups, researchers, and several other stakeholders. The session saw remarks by Dr. Jyoti Sharma, Head, RDI Cell, DST; Prof. Abhay Karandikar, Secretary, DST; and by Shri Nishant Verma, Joint Secretary, ANRF.

Dr. Jitendra Singh explained the mechanism through which the Government is implementing the historic Fund, following its formal roll-out by the  Prime Minister. He said that the Union Cabinet’s approval on July 1, 2025 for establishing this bold and forward-looking ₹1 lakh crore Fund reflects the Government’s resolve to build a robust, private sector-led innovation ecosystem. Highlighting that the Budget 2025–26 allocated ₹20,000 crore for the Fund’s initial implementation, he said these efforts mark a decisive shift towards boosting India’s capacity in high-impact R&D, deep-tech product development and global competitiveness.

The Minister pointed out that India has rapidly climbed the global innovation ladder, now ranked 3rd in scientific research output, 6th in patent grants, and 39th in the Global Innovation Index. India also ranks among the top 5 countries in 45 of 64 critical technology domains. He said India’s capabilities in AI, semiconductors, 5G/6G, quantum technologies, biotechnology, space technology, and clean energy reflect a new phase of scientific self-reliance. “Science is not merely the pursuit of knowledge; it is the engine of nation-building, social progress and economic growth,” he said.

Describing the RDI Fund as a “historic commitment” to strengthen the innovation value chain from discovery to development to deployment, Dr. Jitendra Singh underlined that long-term, low-interest loans and equity-based risk capital will support private-sector R&D in sectors such as AI, semiconductors, clean energy, biotechnology, space, and other strategic areas. He announced that the first tranche of the RDI Fund is being allocated to Technology Development Board (TDB) and BIRAC as second-level fund managers, and welcomed additional entities to apply through the structured selection process.

The Minister highlighted that India’s start-up ecosystem has grown to more than 1.7 lakh start-ups, including 6,000 deep-tech ventures, with nearly 60% emerging from Tier-2 and Tier-3 cities, creating over 17 lakh jobs. He said this demonstrates that innovation in India is no longer metro-centric but has become a nationwide movement, driven by an aspirational young population and expanding technology-led opportunities.

Dr. Jitendra Singh also emphasized the convergence between the RDI Fund and the Anusandhan National Research Foundation (ANRF), which has initiated missions in EVs, 2D materials, MedTech, and AI for Science and Engineering, while supporting frontier research, early-career scientists, state universities, and diaspora researchers. He said that India’s National Research Foundation has been modelled after global best practices but improved further by incorporating India’s unique strengths including traditional knowledge systems.

Referring to India’s opening in ocean research, Himalayan studies, biotechnology, and space-sector reforms, the Minister said the Government under the leadership of the Prime Minister has taken bold, out-of-the-box decisions to unlock the country’s natural and intellectual capital. Initiatives such as Biotechnology Policy, Deep Ocean Mission, Aroma and Floriculture Missions, and the facilitation framework of IN-SPACe were cited as examples of India’s transition towards a future-ready, knowledge-driven economy.

 The Minister urged industry, investors, researchers, and start-ups to fully utilize this historic opportunity. “This is the time to co-create, co-invest, and collaborate. India is no longer the India of yesterday, our aspiration is to not only participate in the technologies of the future but to lead them,” he said.

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NKR/AK