New Delhi | Prime Minister Narendra Modi on Monday launched a Rs 1 lakh crore fund to spur private sector investment in research and development and announced that his government was now supporting high-risk and high-impact projects, as India aims 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, Modi said his government has introduced significant reforms for a modern ecosystem of innovation to flourish in the country.
The prime minister said the world was witnessing a new shift in the global order and the pace of change was exponential.
"In this time of the 21st century, there is a great need for experts from all over the world to come together to brainstorm on emerging science, technology and innovation, and together they should show the direction," said Modi, giving the reasons for hosting the Conclave, which will be an annual feature.
At the Conclave, the prime minister also launched the Rs 1 lakh crore Research, Development and Innovation Fund to spur private sector investment in the domain.
"This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity. Our goal is to foster a culture of research and development within the private sector as well," he said.
India spends 0.6 per cent of its GDP on research and development, which is below the global average. On this share, the private sector accounts for 36 per cent of the investments, as against countries such as China, South Korea and the US. In these countries, the private sector spending accounts for 75 per cent of the gross expenditure on research and development.
"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.
Union Science and Technology Minister Jitendra Singh, Principal Scientific Adviser to the Government of India Prof. Ajay Kumar Sood, Nobel Laureate Sir Andre Geim and other dignitaries were present at the event.
Modi urged scientists to shift focus from food security to nutrition security and wondered whether India can develop next-generation biofortified crops to help combat malnutrition globally.
"Can innovations in low-cost soil health enhancers and bio-fertilisers serve as alternatives to chemical inputs and improve soil health? Can India better map its genomic diversity to advance personalised medicine and disease prediction? Can new and affordable innovations be developed in clean energy storage, such as batteries," he said.
The prime minister stressed the importance of identifying critical inputs where India is dependent on the world and achieving self-reliance in those areas.
Modi said over the past decade, India's R&D expenditure has doubled, demonstrating a 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 (Science, Technology, Engineering and Mathematics) 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 10–11 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.