India, July 16 -- India has long grappled with an uncomfortable truth: Our research and development spending, despite being the world's fifth-largest economy and a global talent hub, remains among the lowest in the world. At under 0.7% of GDP, our national research and development spend pales not only in comparison with countries like the US (3.5%) or China (2.7%), but also with smaller economies such as South Korea (5%) and Brazil (1.2%). This has had a compounding effect. It has limited our scientific ambition, discouraged patient capital from entering deep-tech, and left India too often a consumer rather than a creator of advanced technology. Against this backdrop, the government's announcement of a Rs.1 lakh crore Research, Development and Innovation (RDI) scheme is both timely and transformative. It is not just an economic intervention but an institutional one. Structured through the Anusandhan National Research Foundation (ANRF), the scheme aims to correct a deficit in India's innovation ecosystem. It is a bold signal of intent to move from being a user of imported technology to a nation that creates and commercialises its own, and eventually, exports it to the world. The scheme to be implemented through a Special Purpose Vehicle will have oversight from an empowered group of secretaries and will be chaired by the Prime Minister (PM). The architecture signals not just administrative backing, but clear political ownership, suggesting that this is not a routine policy measure but a national priority. The scheme's emphasis on sunrise sectors, including clean energy, climate tech, robotics, Artificial Intelligence (AI) in key areas, biotech, agritech is encouraging. To maximise impact, India must also identify areas where it has both strategic interest and a strong potential to lead. In agritech, for instance, the opportunity is not abstract but deeply national. With more than 45% of India's workforce employed in agriculture, targeted R&D in precision farming, climate-resilient seeds, and AI-driven supply chains can yield enormous social and economic dividends. In clean tech, rather than replicating global models, India can lead in areas that suit its own realities, such as decentralised solar, high-temperature grid storage, or waste-to-energy solutions for peri-urban areas. India also has a unique structural advantage that few countries possess at the same scale: A billion-plus population layered with a maturing digital public infrastructure stack. Aadhaar, UPI, DigiLocker, ONDC, Ayushman Bharat Health Account (ABHA), Automated Permanent Academic Account Registry (APAAR) and other platforms give Indian innovators a homegrown testbed that is unmatched in size and complexity. Combined with AI and blockchain, this can unlock innovations in financial inclusion, digital health, micro-credit, and public service delivery. It is not just a policy advantage but a technological edge and must be treated as such in our national R&D priorities. Startups will play a foundational role in realising this ambition. India has already seen a strong base of deep-tech startups emerge across sectors including medical diagnostics, space technology and battery innovation, amongst others. Companies in these sectors have shown how Indian ventures can compete globally while solving distinctly Indian problems. With the right support, this next generation of technology-led startups can do for science and engineering what the previous wave did for consumer internet and fintech. India's academic ecosystem will be vital in sustaining the innovation pipeline. While the IITs and IISc represent some of our strongest research hubs, they would benefit from deeper investment to realise their full potential. At the same time, there is an opportunity to expand research capacity across a broader set of universities and technical institutes. By fostering a more inclusive and well-supported academic research environment, India can unlock innovation that is geographically, institutionally, and intellectually diverse. The success of this approach is evident in countries such as the US and Germany, where deep-tech innovation is underwritten by consistent public investment in academic research, often with mechanisms for seamless technology transfer to the private sector. The US offers a compelling example through the Defense Advanced Research Projects Agency (Darpa), which has consistently backed high-risk, high-reward research in academic institutions. Over the decades, Darpa has played a pivotal role in developing foundational technologies, including the internet, GPS, voice assistants, and stealth aircraft systems, many of which originated as blue-sky research projects in universities and later, evolved into world-changing innovations. This model shows how strategic public funding, when paired with academic talent and long-term vision, can unlock breakthroughs with far-reaching economic and societal impact. The scale of funding is a powerful beginning. The focus must now shift to world-class execution. Attracting high-quality second-level fund managers with domain expertise and entrepreneurial instincts will be critical to ensuring that capital flows to the most promising ideas. A governance framework that champions transparency, timely disbursals, and a healthy appetite for risk will enable innovation to thrive. With the right people and processes in place, this initiative can serve as a model for how bold public investment can translate into transformative national capability. Equally important is the opportunity to align India's regulatory and compliance landscape with its innovation ambitions. By streamlining pathways for IP protection, tax processes, lab access, and international research collaboration, we can create an environment where startups and research-intensive enterprises thrive. Simplifying these frameworks will amplify the impact of the RDI scheme. This initiative also presents an opportunity for India's private sector, not just startups, but family offices, foundations, and corporates, to co-invest in national capability. The government has taken the first step with capital. Now, industry must match it with conviction, institutions, and risk capital. Public-private co-funding platforms and industry-led R&D clusters can help align efforts and multiply outcomes. India has missed critical moments before - the semiconductor revolution of the 1990s, the early years of industrial robotics, and the first wave of AI. The RDI scheme is a second chance. This time, the urgency is greater. Global supply chains are shifting. Climate timelines are shortening. Tech disruptions are accelerating. The countries that lead in innovation will shape the future rules of trade, security, and diplomacy. The money has finally arrived. What we need now is thoughtful focus, nurturing of the R&D ecosystem with institutional strength and intellectual agility and above all, a long-term view. This will be a multi-decadal endeavour. The Rs.1 lakh crore is a strong beginning....