India, July 1 -- The Union cabinet on Tuesday approved Rs.1 lakh crore aimed to boost research, development, and innovation in sunrise and strategic sectors, with a focus on scaling private sector efforts and acquiring critical technologies.

The Research Development and Innovation (RDI) scheme was unveiled by Union minister Ashwini Vaishnaw during a press conference in New Delhi. Highlighting its industry-driven approach, he noted that the scheme was crafted through extensive consultations with experts and is aimed at supporting projects that have advanced beyond early-stage research to the prototype development phase.

"When a company moves beyond the prototype stage, it often faces the 'valley of death', a critical phase where many inn...