Govt stresses conflict-of-interest safeguards under RDI fund framework

Jitendra Singh stresses safeguards to protect taxpayers' money and private capital as selection of second-level fund managers is expected within about two weeks

 

The government on Wednesday discussed safeguards against conflicts of interest under the Research, Development and Innovation (RDI) fund, with Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences Jitendra Singh stressing the need to protect both taxpayers’ money and private capital.

 

At the monthly joint meeting of science secretaries, Singh said stringent protocols were being followed for fund disbursal and conflict-of-interest safeguards to ensure transparency, fairness and accountability. Singh said the existing policy had stringent safeguards, while stakeholder suggestions for additional safeguards could be considered wherever feasible.

 

The meeting also discussed the selection of second-level fund managers (SLFMs), which is underway and is expected to be completed within about two weeks. The SLFMs will identify companies and support them through the fund. The officials added that the onboarding of SLFMs was being carried out through a transparent process to ensure fairness and equal opportunity.

   

According to the officials present, disbursal of RDI funds to some selected firms has already been completed, while the process for the remaining firms is underway and is expected to be completed shortly.

 

While due diligence and verification must remain uncompromised, Singh directed officials to adopt faster timelines for fund disbursal, saying the timely release of funds was important for firms to move ahead.

 

The meeting also discussed recommendations to expand the fund’s sectoral scope following inter-ministerial consultations. An expert committee has recommended broadening the framework to cover a wider range of strategic technology priorities across sectors.