Daijiworld Media Network – New Delhi

New Delhi, Aug 2: Union Minister for Science and Technology Jitendra Singh on Friday announced a massive Rs 1 lac cr push to support the private sector in driving India's sovereign technology ambitions.

Addressing the ASSOCHAM Conference on ‘Sovereign Tech for India’s Digital Transformation’, Singh said the government has launched a new Research, Development, and Innovation (RDI) Scheme aimed at revolutionising private sector R&D, especially in sunrise and strategic sectors.

“The scheme will offer long-term, low-interest loans and risk capital to support deep-tech and critical technology innovations,” he said.

A dedicated ‘Deep-Tech Fund of Funds’ will also be created to boost private investment in transformative and frontier technologies, Singh added. The initiative will be anchored by the Anusandhan National Research Foundation and implemented by the Department of Science and Technology.

Calling on Indian industry to actively participate, Singh said, “We appeal to the industry to come forward and harness the full spectrum of opportunities opened up by the Government. India's technological footprint is expanding, and the world is watching.”