India backing high-risk research to become global tech powerhouse: Modi

Prime Minister Narendra Modi on Monday (November 3) said India was backing high-risk, high-impact research and development projects while encouraging private investment in this domain to establish itself as a global science and technology powerhouse.

RDI fund to boost private investment in research

Inaugurating the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), an annual flagship event bringing together policymakers, innovators, and global visionaries, Modi said his government had introduced significant reforms to create a modern ecosystem where innovation can flourish in the country.

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At the Conclave, the prime minister also launched the Rs 1 lakh crore Research, Development and Innovation (RDI) Fund to boost private sector investment in research and development.

“This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity,” he said.

Reforms to accelerate innovation

Modi emphasised that the government’s goal was to foster a culture of research and development within the private sector as well.

“For the first time, capital is being allocated specifically for high-risk, high-impact projects, ensuring support for ground-breaking endeavours,” he said, adding that the government was focusing on the ‘Ease of Doing Research’ to enable a modern ecosystem of innovation to flourish in India.

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“To realise this vision, our government has implemented major reforms in financial regulations and procurement policies. We have also streamlined incentives and supply chain frameworks to accelerate the transition of prototypes from laboratory to the market,” he noted.

Expenditure on R&D doubled

The Prime Minister said over the past decade, India’s expenditure on research and development has doubled, underscoring its commitment to innovation.

“The number of registered patents has increased an impressive 17-fold. In the start-up ecosystem, India has emerged as the third-largest globally,” he said.

Modi added that the government has established the Anusandhan Research Foundation to enhance research and innovation across universities, opening new opportunities for progress and development.

Women reshape nation’s research landscape

He highlighted that when innovation is inclusive, its leaders become the greatest beneficiaries, with Indian women serving as a prime example of this.

“Their contributions are widely acknowledged, especially in the context of India’s achievements in space exploration. A decade ago, fewer than 100 patents were filed by women annually. Today, that number has risen to over 5,000 each year,” he said.

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The prime minister also noted that women now constitute 43 per cent of those pursuing STEM education in India, significantly higher than the global average.

He concluded by saying that the foundation for great achievements is laid when science meets scale, innovation becomes inclusive, and technology drives transformation.

“Over the past 10-11 years, India has embodied this vision in action. The nation is no longer merely a consumer of technology but a pioneer of transformation through it,” he said.

(With agency inputs)