New Delhi, July 1 -- In a major push to bolster private-sector research and innovation, the Union Cabinet on Tuesday approved a Rs.1-trillion corpus for the Research Development and Innovation (RDI) Scheme.

The move is aimed at encouraging long-term, low-cost funding for high-growth, strategic sectors such as deep-tech, artificial intelligence, and green technologies.

According to a government statement, the RDI Scheme seeks to fill critical funding gaps in private-sector R&D by offering growth and risk capital to 'sunrise sectors'.

The scheme acknowledges the essential role of private enterprise in driving innovation and translating research into viable commercial products.

Additionally, the scheme may contribute to a 'Deep-Tech Fund...