The government has approved 19 fund managers under the ₹1 lakh crore Research, Development and Innovation (RDI) Scheme, including research organisations associated with the Indian Institute of Science (IISc), IITs and BITS Pilani. The first cohort has received a total commitment of ₹7,131 crore to support technology enterprises engaged in research and innovation.
The Empowered Group of Secretaries (EGoS) approved the first group on October 8, 2026. It comprises 14 Alternative Investment Funds (AIFs) and five Focused Research Organisations (FROs), marking a key step towards putting the government’s research funding initiative into operation.
The ₹7,131 crore commitment represents the total approved amount for the first cohort. The government announcement does not specify individual allocations or confirm that the entire amount has been disbursed.
Five Research Organisations Join the First Cohort
The five Focused Research Organisations approved under the scheme include institutions connected with prominent research and academic ecosystems.
These are:
- AI & Robotics Technology Park (ARTPARK), IISc Bengaluru
- Centre for Cellular and Molecular Platforms (C-CAMP), Bengaluru
- Pilani Innovation & Entrepreneurship Development Society (PIEDS), BITS Pilani
- Society for Innovation & Entrepreneurship (SINE), IIT Bombay
- One additional Focused Research Organisation, whose name was not provided in the supplied announcement
The fund managers will channel capital to eligible technology enterprises undertaking research, development and innovation at Technology Readiness Level (TRL) 4 and above.
What Is the ₹1 Lakh Crore RDI Scheme?
Launched by Prime Minister Narendra Modi in November 2025, the RDI Scheme aims to strengthen India's research and innovation ecosystem by providing long-term financing for high-risk, high-impact research and development projects.
According to the government, the initiative seeks to address a financing gap that has historically limited private-sector investment in emerging and strategic technologies.
It is also intended to help India move beyond being primarily a consumer of technology towards developing globally competitive technologies and products.
How Will the Fund Managers Operate?
The 19 approved fund managers will help direct RDI Fund capital towards eligible technology enterprises working on research, development and innovation.
The government expects fund managers to mobilise private capital equivalent to their RDI Fund contributions. This approach is intended to attract additional investment from private sources and expand the pool of funding available for technology development.
The Research, Development and Innovation Fund is managed by an Independent Business Unit housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology in the Ministry of Science and Technology.
The first application round for prospective fund managers opened in January 2026. Applications went through a multi-stage evaluation process, including objective assessments and interactions with an Expert Advisory Committee. Proposals were subsequently considered by the ANRF Executive Council and the EGoS for approval.
Five Additional Technologies Added to the Scheme
The EGoS also approved five additional technologies for coverage under the RDI Fund, according to the government announcement. The announcement did not identify these technologies individually in the supplied details.
The government expects the first cohort to support domestic technology development, reduce dependence on imported technologies and strengthen private-sector-led research and innovation.
Further applications and additional cohorts of fund managers are expected in the coming months as the government expands the scheme and encourages greater public-private investment in India's research ecosystem.
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