RDI fund's second-level fund managers being appointed: Jitendra Singh

The government had invited applications from venture capital funds and other organisations to become fund managers; the application process closed on January 31

The government is in the process of appointing second-level fund managers as part of ₹1 trillion research, development and innovation (RDI) fund, said Union Minister of State (Independent Charge) for Science and Technology Jitendra Singh. 

While responding to a question from Business Standard, the minister said, “The second-level fund managers are also in the process of being appointed. Since this was the first experience of its kind for both us and others, it has taken time as we were learning and being very cautious about factors like accountability, confidentiality, conflict of interest, etc. We were also gathering inputs from all stakeholders from all sections of society, particularly industry partners. So, it has taken time, but you will soon see that once we get going with one or two lots, it will become a very regular feature.” 

 

The minister was speaking during the curtain raiser event of the upcoming Emerging Science, Technology and Innovation Conclave (ESTIC) 2026. The second-edition of the conclave, which will be held from October 27-29 at Bharat Mandapam, will be inaugurated by Prime Minister Narendra Modi. Notably, PM had announced the launch of the RDI fund in ESTIC’s first edition last year. 

So far, the government has nominated two second-level fund managers, which include the Technology Development Board, and the Biotechnology Industry Research Assistance Council. It had invited applications from venture capital funds and other organisations to be selected as fund managers, for which the application process closed on January 31 this year. However, these new fund managers are yet to be announced. 

The event will feature 12 thematic areas such as advanced manufacturing, energy technologies, semiconductor and next-generation chips, and generative and autonomous artificial intelligence (AI), among others. Some of the plenary speakers who are set to the three-day conclave include Nobel prize winners Professor Joachim Frank, Sir Richard J Roberts, and Professor Kostya Novoselov. 

Around 150 deep-tech startups will also participate in the event. The total attendance is expected to be nearly 3,000.