RDI scheme positive step, will foster global growth in innovation: Report

The RDI Scheme particularly focusses on innovation in sunrise sectors -- ranging from renewable energy, electric mobility, advanced materials, biotechnology, artificial intelligence, and next-generation computing

New Delhi: The recently launched Research, Development and Innovation (RDI) Scheme is a transformative step that will foster India’s growth in science and innovation on the world stage, according to a media report.

In July, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the RDI scheme, allocating Rs1 lakh crore for it.

The scheme aims at transforming the private research and innovation ecosystem in the country.

“The initiative will stimulate private sector participation in research, development, and innovation, particularly in 'sunrise' sectors -- emerging industries poised to shape the future -- and strategic areas critical to India’s growth and security,” noted the report in news platform Newsbomb Greece.

With long-term financing and refinancing at low or zero interest rates, the RDI Scheme will provide an unprecedented boost to companies, start-ups, and innovators across the country, the report said.

With such a transformative financial structure, "innovators can focus on experimentation, product development, and market expansion without the burden of prohibitive financing costs," the report said. This will foster a culture of entrepreneurial research that can rapidly respond to market needs and technological shifts.