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The Government of India has approved the first cohort of 19 Second Level Fund Managers (SLFMs) under the Research, Development and Innovation (RDI) Scheme. A total of ₹7,131 crore has been committed to this cohort. According to the Ministry of Science and Technology’s official announcement dated October 12, 2026, the Empowered Group of Secretaries (EGoS), at its meeting held on October 8, approved 14 Alternative Investment Funds (AIFs) and five Focused Research Organisations (FROs).
Objective of the ₹1 Lakh Crore Scheme
Prime Minister Narendra Modi launched the ₹1 lakh crore RDI Scheme in November 2025. The scheme aims to promote research and innovation in India and provide long-term capital for the development of emerging and strategic technologies. According to the government, the initiative is intended to help India move beyond being a consumer of technology and become a developer of globally competitive technologies and products.
The fund seeks to facilitate financing for research and development projects that involve higher risks and may take time to deliver commercial outcomes. One of its key objectives is to encourage private-sector investment and reduce financial barriers to the development of new technologies.
Research Organisations Associated with IITs, IISc and BITS Pilani Included
The first cohort also includes five approved Focused Research Organisations. These are AI & Robotics Technology Park (ARTPARK) at IISc Bengaluru, Centre for Cellular and Molecular Platforms (CCAMP), IIT Madras Research Park, Pilani Innovation & Entrepreneurship Development Society (PIEDS) at BITS Pilani, and Society for Innovation & Entrepreneurship (SINE) at IIT Bombay. These organisations play a role in advancing research, innovation and technology-based ventures.
Funding to Reach Technology Enterprises
The approved fund managers will help channel RDI capital to eligible Technology Enterprises (ETEs) engaged in research, development and innovation activities at Technology Readiness Level (TRL) 4 and above. They are also expected to mobilise private capital equivalent to the contribution received from the RDI Fund.
This could create opportunities for research-driven startups and technology companies to combine public and private investment. However, the ₹7,131 crore represents the total commitment for the first cohort and should not be interpreted as funding already disbursed to all the institutions.
Next Phase to Strengthen India’s Research Ecosystem
The RDI Fund is managed by an independent professional unit housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology (DST). The application process for fund managers began in January 2026. Applications underwent a rigorous, multi-stage evaluation, including individual interactions with an expert advisory committee. The proposals were subsequently placed before the ANRF Executive Council and EGoS for consideration and approval.
Alongside the first cohort, the government has approved five additional technologies for inclusion under the RDI Fund. The government plans to continue inviting applications and inducting additional cohorts of fund managers in the coming period. This is expected to expand the fund’s reach and encourage public-private partnerships and investment across India’s research, technology development and innovation ecosystem.
