New Delhi, July 1 -- In a significant step to bolster India's research and innovation ecosystem, the Union Cabinet on Tuesday approved research development and innovation (RDI) scheme with a corpus of Rs one lakh crore to scale up research, development and innovation in strategic and sunrise domains.

Briefing reporters on the cabinet decisions, Information and Broadcasting Minister Ashwani Vaishnaw said Research Development and Innovation (RDI) Scheme recognises the critical role that the private sector plays in driving innovation and commercialising research.

The RDI Scheme aims to provide long-term financing or refinancing with long tenors at low or nil interest rates to spur private sector investment in RDI.

The scheme has been desi...