India backing high risk, high impact R&D to drive innovation: PM Modi

PM Modi said the government's goal was to foster a culture of research and development within the private sector as well

Prime Minister Narendra Modi on Monday said India was backing high risk and high impact research and development projects, and fostering private investments in this domain to emerge as a science and technology powerhouse.

Inaugurating the first ever Emerging Science, Technology and Innovation Conclave (ESTIC), the annual flagship event involving policy-makers, innovators and global visionaries, he said his government has introduced significant reforms for a modern ecosystem of innovation to flourish in the country.

At the Conclave, the prime minister also launched the Rs one lakh crore Research, Development and Innovation Fund to spur private sector investment in research and development.

"This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity," he said.

Modi said the government's goal was to foster a culture of research and development within the private sector as well.

"For the first time, capital is being allocated specifically for high-risk, high-impact projects, ensuring support for ground-breaking endeavours," he said, adding the government was focusing on 'Ease of Doing Research' so that a modern ecosystem of innovation can flourish in India.

"To achieve this vision, our government has introduced significant reforms in financial regulations and procurement policies. Additionally, we have streamlined incentives and supply chain frameworks to accelerate the transition of prototypes from the lab to the market," he said.

The prime minister said over the past decade, India's R&D expenditure has doubled, demonstrating commitment to innovation.

"The number of registered patents has grown an impressive 17-fold. In the start up landscape, India has emerged as the third-largest ecosystem globally," he said.

Modi said the government has established the Anusandhan Research Foundation to elevate research and innovation across universities, creating new opportunities for growth and advancement.

The prime minister said when innovation is inclusive, its leaders emerge as the greatest beneficiaries and Indian women serve as a prime example of this.

"Their contributions are widely recognised, particularly in discussions about India's advancements in space exploration. A decade ago, the number of patents filed by women in India was less than 100 annually. Today, that number has surged to over 5,000 each year," he said.

The prime minister said women make up 43 per cent of those pursuing STEM education in India well above the global average.

Modi said the foundation for great achievements is laid when science meets scale, innovation becomes inclusive and technology drives transformation.

"Over the past 1011 years, India has exemplified this vision in action. India is no longer just a consumer of technology. It has become a pioneer of transformation through technology," he added.