Centre approves ₹1 lakh crore scheme to boost R&D, innovation in sunrise sectors

NEW DELHI: The Cabinet, led by Prime Minister Narendra Modi, on Tuesday approved the “Research Development and Innovation (RDI) Scheme” with a corpus of ₹1 lakh crore, a move that is expected to boost private sector investments in research and development (R&D) in sunrise sectors, such as deep tech and electronics.

‘Recognizing the critical role that the private sector plays in driving innovation and commercialising research, the RDI Scheme aims to provide long-term financing or refinancing with long tenors at low or nil interest rates to spur private sector investment in RDI,’ the Central government said in an official statement.