New Delhi: Prime Minister Narendra Modi on Monday launched the ₹1 lakh crore Research, Development and Innovation (RDI) Fund to encourage private sector participation in scientific research and innovation.

The fund was unveiled at the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), which brings together policymakers, researchers, and industry leaders to advance the government's Viksit Bharat 2047 vision.

Modi also released a coffee table book highlighting India's scientific achievements and a vision document for the country's science and technology roadmap.

The Department of Science and Technology (DST) is the nodal agency for the RDI Fund, which will operate through a two-tier funding structure. A Special Purpose Fund (SPF) will be set up within the Anusandhan National Research Foundation (ANRF) to manage the ₹1 lakh crore corpus.

Instead of directly funding industries or startups, the RDI Fund will channel capital to second-level fund managers, such as Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), and Non-Banking Finance Companies (NBFCs).

Investment decisions will be made by committees of experts from finance, business, and technology operating independently of the government, officials said.