India, July 2 -- The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Research, Development and Innovation (RDI) Scheme, with a corpus of Rs1 lakh crore. This marks a landmark step in strengthening India's research and innovation ecosystem.

The primary objective of the RDI Scheme is to stimulate private sector investment in research, development, and innovation by offering long-term financing or refinancing with extended tenors at low or zero interest rates. The scheme recognises the vital role of the private sector in fostering innovation and commercialising research outcomes.

Designed to overcome the financial constraints faced by the private sector, the scheme aims to provide growth and risk capital to strategic a...