New Delhi, Sept 30 (PTI) The Technology Development Board, a statutory body under the Department of Science and Technology, has announced that invitations for the Rs 1 lakh crore research, development and innovation fund will close at the end of this month, citing “administrative reasons”.
This announcement comes, however, as media reports suggest the fund did not receive the necessary money to proceed after one round of funding.
The Research, Development and Innovation (RDI) fund, with a corpus of Rs 1 lakh crore over six years, was created by the government in 2025 to provide low-cost, long-term loans to private companies involved in advanced research and innovation in deep-tech sectors such as artificial intelligence, quantum technology, and space science.
Under the approved framework, the Department of Science and Technology (DST) acts as the nodal ministry for the fund, with approved Second-Level Fund Managers (SLFMs) evaluating and financing eligible technology entities. The Technology Development Board (TDB) and the Biotechnology Industry Research Assistance Council (BIRAC) were the first organisations designated as SLFMs, while additional entities are being selected.
In July this year, Union Minister Jitendra Singh informed, in a written reply to a question in Parliament, that so far financial assistance of Rs 1,000 crore each had been sanctioned to the TDB and the BIRAC, aggregating to Rs 2,000 crore. Of this, Rs 500 crore was disbursed to the TDB in March 2026.
“Under the scheme, TDB has approved 22 projects involving a total project cost of Rs 4,744 crore, with RDI Fund support of Rs 2,192 crore. BIRAC has shortlisted 8 projects involving Rs 390.35 crore for support under the RDI Scheme,” he said.
The notice closing invitations for the RDI fund came after reports in August alleged a conflict of interest in disbursing funds to companies, as many of the firms chosen for the loan had ties to several members of the TDB’s selection panel.
The panel, known as the Investment Committee of the Technology Development Board, has 11 private-sector members and one non-voting government representative.
Senior officials of the Ministry of Science and Technology had rejected the allegations at the time.
In a press conference, TDB Secretary Rajesh Kumar Pathak had said, “The (RDI implementation) guidelines explicitly say conflict of interest in this situation cannot be avoided, as experts would have some investments directly or through the funds. That is why there is a policy to manage the conflict of interest.”
He highlighted that the guidelines mandated disclosure of interests, structured decision-making processes, and recusal wherever a potential conflict arises, ensuring technical expertise was retained while safeguarding the integrity of funding decisions. PTI ALC ASD ASD
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