The government has completed the selection process for Alternative Investment Firms (AIFs) for the Research, Development and Innovation (RDI) fund within two weeks as announced by Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences Jitendra Singh during a monthly joint meeting of science secretaries held on August 19. According to The Economic Times, Singh stated that the selection process is happening in a transparent manner ensuring fairness and equal responsibility. The completion of AIF selection represents a significant milestone in the fund's operational framework, with these firms now positioned to play a crucial role in identifying companies and supporting them through the RDI framework.
The government has emphasized stringent safeguards against conflicts of interest under the Research, Development and Innovation (RDI) fund framework. According to reports from Business Standard, Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences Jitendra Singh stressed the need to protect both taxpayers' money and private capital during a monthly joint meeting of science secretaries. Singh stated that stringent protocols were being followed for fund disbursal and conflict-of-interest safeguards to ensure transparency, fairness and accountability. The existing policy framework already includes stringent safeguards, with Singh indicating that stakeholder suggestions for additional safeguards could be considered wherever feasible. As per the latest reports, the RDI Fund carries a shared responsibility, as 50 per cent of the investment is expected to come from private equity sources, placing equal responsibility on investment committees to safeguard both taxpayers' money and private capital.
According to officials present at the meeting, RDI fund disbursal to some selected firms has already been completed, while the process for remaining firms is underway and is expected to be completed shortly. According to The Economic Times, Singh directed officials to adopt faster timelines for fund disbursal, emphasizing that the timely release of funds is equally important to enable firms to move forward. The Minister noted that the first round of application assessment had already been completed and positive recommendations were ready in respect of eligible applications. This directive reflects the government's commitment to ensuring efficient fund utilization and supporting the innovation ecosystem, with emphasis on moving proposals through remaining stages without avoidable delay while retaining required scrutiny before public funds are released.
The meeting discussed recommendations to expand the fund's sectoral scope following inter-ministerial consultations. As reported by Business Standard, an expert committee has recommended broadening the framework to cover a wider range of strategic technology priorities across sectors. These suggestions were evaluated by an expert committee, which recommended expanding the sectoral scope to make the framework more flexible and inclusive, enabling the Fund to cater to a wider range of technological priorities. The discussions also recognized the rapidly changing nature of technologies, particularly Artificial Intelligence, requiring the innovation-support ecosystem to remain sufficiently flexible to accommodate new and emerging fields. The expansion is intended to cover areas of emerging strategic importance while remaining within the framework of the RDI guidelines.
The meeting also reviewed preparations for the Swachh Sagar Surakshit Sagar (SSSS) Campaign 2026, scheduled from September 12 to 19, with activities planned across 111 identified beaches. The meeting further reviewed initiatives to strengthen public engagement with science, including the proposed monthly 'Vigyan Ki Baat' lecture series beginning August 29 and science- and innovation-based competitions and quizzes in collaboration with MyGov. These initiatives are aimed at creating a stronger interface between scientific institutions, citizens, young researchers and the wider innovation ecosystem. The review meeting reflected the Government's broader approach of combining speed in RDI delivery with rigorous safeguards in the use of public funds, with the government working to ensure that promising startups and private innovators receive timely support while public resources remain protected through robust verification, transparency and conflict-of-interest safeguards.
