Union Minister Jitendra Singh is strongly advocating for a greater role for the private sector in India's research and development (R&D) landscape, emphasizing that revised funding rules will act as a "significant incentive". Singh highlighted the limitations of relying solely on government funding and stressed the need for a collaborative approach to propel India's innovation ecosystem.
Singh's call to action comes at a time when global technological advancement is rapidly accelerating, making private sector investment crucial for driving innovation. He addressed scientists, industry leaders, and policymakers, urging them to recognize the importance of private capital in bridging the funding gap that government budgets alone cannot fulfill.
To foster an environment conducive to private sector R&D investment, Singh acknowledged the government's responsibility in streamlining regulations and incentivizing investment through tax breaks, grants, and other financial benefits. These measures aim to reduce bureaucratic hurdles and make R&D more attractive to private companies.
The Minister also highlighted the Research, Development, and Innovation (RDI) Fund, describing it as a catalyst for empowering private-sector-led innovation. Addressing the RDI Fund Outreach Programme in New Delhi, Singh called the initiative a global first in public financing for private-sector innovation. The ₹1 lakh crore RDI fund offers unsecured loans without collateral or guarantees, coupled with a minimal interest rate of less than 3%. Singh stated that this framework reflects the government's trust in India's innovators.
Singh also announced new measures to support deep-tech startups, including the third ₹1 lakh crore RDI fund and relaxed IRDPP (Incentive for Research and Development Promotion of Pharmaceuticals) rules. He said removing the three-year viability requirement will help startups scale faster while maintaining evaluation standards linked to technological maturity.
India possesses several advantages that make it an attractive destination for private sector R&D investment. These include a large talent pool of skilled scientists and engineers, a burgeoning startup ecosystem, and a large domestic market that serves as a testing ground for new products and services. Innovation-driven sectors, including space, oceans, biotechnology, clean energy, and advanced manufacturing, are poised to lead India's growth over the next two decades.
Other initiatives mentioned by Singh include the National Quantum Mission, NIDHI, PRERNA / PURSE, and the VAIBHAV programme, all aimed at strengthening startups, research infrastructure, and global scientific collaboration. These initiatives, along with the Anusandhan National Research Foundation (ANRF), are aimed at democratizing research funding.
Singh also highlighted achievements of the Council of Scientific and Industrial Research (CSIR), including steel-slag-based durable roads, indigenous paracetamol production, India's first indigenous antibiotic Nafithromycin, sustainable food innovations such as millet-based products, and the HANSA-NG two-seater trainer aircraft developed under a PPP model. He described these efforts as examples of “foreign markets accepting Swadeshi innovation”.
With these efforts, India is moving from being an importer to an exporter of high-end technologies, including vaccines and medical devices, with India's bioeconomy emerging as a major growth driver. Singh believes that science-led reforms will accelerate India's journey towards becoming a top global economy well before 2047.
