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The objective of this fund is to promote research and innovation in the private sector in the country.
Speaking about Indian scientific achievements during the inauguration of ESTIC, the PM congratulated ISRO for successfully launching its heaviest satellite, saying, "Yesterday, India also made its mark in the world of science and technology. Yesterday, Indian scientists successfully launched India's heaviest communications satellite. I extend my heartfelt congratulations to all the scientists involved in this mission and to ISRO."
Regarding the Research, Development, and Innovation (RDI) Fund
PM Modi said, "We have launched the Research Development Innovation Scheme, and a fund of ₹1 lakh crore has been set aside for it. You might think this ₹1 lakh crore will remain with Modi alone. But that's not true. This ₹1 lakh crore is for our scientists. It's to enhance your capabilities. It's to open up new opportunities for you. Our effort is to promote research and development in the private sector as well."
India's Support to Several Research Projects
PM Narendra Modi said India is supporting high-risk and high-impact research and development projects and encouraging private investment in this sector to emerge as a powerhouse of science and technology. He said his government has undertaken significant reforms to foster a modern ecosystem of innovation in the country.
PM Modi further stated that, over the past decade, India's R&D spending has doubled, reflecting its commitment to innovation. The number of registered patents has increased by an impressive 17-fold. In the startup sector, India has emerged as the third-largest ecosystem in the world. The government has established the Research Foundation to promote research and innovation in universities, creating new opportunities for growth and advancement.
What Benefits Does the Common Man Have?
As private investment in research and development increases, it will directly impact the quality of domestic products and services, bringing new technologies and cheaper, better products to market.
The Prime Minister also stated during his speech that "a decade ago, the number of patents filed by women in India was less than 100 annually. Today, this number has increased to more than 5,000 each year. Women constitute 43% of STEM education recipients in India, which is much higher than the global average."
