India's Rs 1 Lakh-Crore Bet On Private Sector R&D — DST Secretary Shares Ambitious Roadmap
Karandikar emphasised that the operational framework for the R&D Innovation Scheme fund is being finalised and will roll out within months.
(Source: Unsplash)
The government has introduced a research and innovation fund to encourage private players to invest in high-risk sectors which they have been hesitant to enter, according to Secretary of Department of Science and Technology Abhay Karandikar.
"The fund will invest in private sector research and development including cooperates, industries along with deep technology startups," Karandikar told NDTV Profit in an exclusive interview.
Karandikar highlighted that financing will be given through concessional loans, equity, or a combination of both and companies are expected to shoulder half the project cost, while the rest will cover through the fund.
The Union Cabinet on Tuesday approved the Research Development and Innovation Scheme with an outlay of Rs 1 lakh crore, with the aim of bolstering India's research and innovation ecosystem.
The scheme will also help overcoming the challenges in funding the private sector along with providing growth and risk capital to sunrise and strategic sectors.
Abhay Karandikar mentioned that sunrise and strategic sectors identified and approved by the Union Cabinet include energy transition and climate technologies, robotics, drones, space technology, biotechnology, synthetic biology, AI applications, and the digital economy. He also emphasised that the operational framework for the fund is being finalised and will roll out within months.
Besides, to address India’s dependence on rare earth imports from China, Karandikar said that researchers are working on indigenous alternatives including rare-earth-free technologies like synchronous reluctance motors.
Watch Abhay Karandikar's interview with NDTV Profit here:
