PM Modi Launches New Research, Development, and Innovation Fund to Spur Private Sector Investment in Research and Development

The Emerging Science, Technology, and Innovation Conclave (ESTIC) Conclave, India’s premier STI platform, bringing together ministries, innovators, and global visionaries. A flagship annual event, fostering collaboration, showcasing disruptive innovation, and driving forward the vision of a Viksit Bharat 2047, was inaugurated today (November 3, 2025) in New Delhi by Prime Minister Narendra Modi.

Over the next two days, this transformative platform will showcase cutting-edge research, deep-tech breakthroughs, and thought-provoking discussions with Nobel Laureates, global experts, policymakers, and emerging leaders – igniting a new era of scientific leadership.

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Prime Minister Narendra Modi 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 latest annual flagship event of the Department of Science & Technology, Mr Modi further said that his government has introduced significant reforms for a modern ecosystem of innovation to flourish in the country.

The Prime Minister also launched the ₹1 lakh crore Research, Development, and Innovation Fund to spur private sector investment in research and development, at the conclave. “This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity,” he said.

PM 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.

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“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 startup landscape, India has emerged as the third-largest ecosystem globally,” he said.

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PM 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.

From left: Nobel Laureate Sir Andre Geim, Prime Minister Narendra Modi and Dr. Jitendra Singh, Principal Scientific Adviser

The Prime Minister said women make up 43% of those pursuing STEM education in India – well above the global average.

PM Modi further 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.

ESTIC aims to initiate brainstorming in emerging and critical areas in Science, Technology, and Innovations, with a well-defined road map at the conclave, besides engaging with India’s future Science & Technology(S&T) leaders and ignite a sense of commitment to science and innovation through sustainable, inclusive, and transformative technological innovation.

ESTIC also aims to provide a forum for researchers, deep-tech start-ups, industries, funding agencies, and policymakers to promote engagement in high-tech innovations and solutions to position India in the global arena in S&T domain.

ESTIC will also showcase significant contributions by academia, research institutions, industries, and deep-tech start-ups for India’s Journey towards Viksit Bharat 2047, in advanced materials & manufacturing, artificial intelligence, bio manufacturing, blue economy, digital communications, electronics & semiconductors manufacturing, emerging agriculture technologies, energy environment & climate, health & medical technologies, quantum science & technology and space technologies.

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