New Delhi, July 2 -- In a landmark move to enhance India's research and innovation landscape, the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Research Development and Innovation (RDI) Scheme with a financial outlay of Rs 1 lakh crore.

The initiative is a significant step toward building a self-reliant and globally competitive innovation ecosystem aligned with the country's vision for Viksit Bharat @ 2047.

The RDI Scheme is strategically designed to address critical funding challenges faced by the private sector in undertaking high-risk and high-impact research and innovation projects.

By offering long-term financing or refinancing with extended tenors at low or zero interest rates, the scheme seeks to catal...