IITs, IISc, BITS Pilani among 19 fund managers under Rs 1 lakh crore RDI scheme

The government has approved 19 fund managers under the Rs 1 lakh crore RDI Scheme, with a total commitment of Rs 7,131 crore. The first cohort includes five research organisations linked to IISc, IITs, and BITS Pilani.IITs, IISc, BITS Pilani included in Rs 1 lakh crore research and innovation fund (AI-generated image)New Delhi,Oct 13, 2026 11:36 ISTFive Focused Research Organisations (FROs), including institutions linked to the Indian Institute of Science (IISc), Bengaluru, the Indian Institute of Technology (IIT) Madras, IIT Bombay, and BITS Pilani, have been approved under the government's 1 lakh crore Research, Development and Innovation (RDI) Scheme.The five Focused Research Organisations (FROs) are:AI & Robotics Technology Park (ARTPARK), IISc BengaluruCentre for Cellular and Molecular Platforms (CCAMP), Bengaluru IIT Madras Research Park (IITMRP), IIT MadrasPilani Innovation & Entrepreneurship Development Society (PIEDS), BITS Pilani Society for Innovation & Entrepreneurship (SINE), IIT BombayThe Government of India has approved the first cohort of 19 Second Level Fund Managers (SLFMs) under its 1 lakh crore Research, Development and Innovation (RDI) Scheme, with a total RDIF commitment of 7,131 crore for the group.The Empowered Group of Secretaries (EGoS), at a meeting held on October 8, 2026, approved 14 Alternative Investment Funds (AIFs) and five Focused Research Organisations (FROs), marking a key step towards implementing the scheme.The 7,131 crore commitment represents the total amount approved for the first cohort. The government announcement does not specify how much each fund manager will receive or whether the entire amount has been disbursed.The fund managers will channel capital to eligible technology enterprises undertaking research, development and innovation activities at Technology Readiness Level (TRL) 4 and above.WHAT IS THE RDI SCHEME?The 1 lakh crore RDI Scheme was launched by Prime Minister Narendra Modi in November 2025. The initiative aims to strengthen India's research and innovation ecosystem by making long-term funding available for high-risk, high-impact research and development projects.According to the government, the scheme seeks to address a financing gap that has historically limited private sector investment in emerging and strategic technologies.The initiative is also intended to help India move from being a consumer of technology to developing globally competitive technologies and products.HOW WILL THE FUND MANAGERS WORK?The 19 approved institutions will help channel RDIF capital to eligible technology enterprises engaged in research, development and innovation.The government said the fund managers are expected to mobilise private capital equivalent to their RDIF contribution, with the aim of encouraging greater private sector investment in technology development.The Research, Development and Innovation Fund (RDIF) is managed by an Independent Business Unit housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology (DST), Ministry of Science and Technology.The first call for applications from prospective fund managers was launched in January 2026. Applications underwent a multi-stage evaluation process, including an objective assessment and in-person interactions with an Expert Advisory Committee. The proposals were subsequently considered by the Executive Council of ANRF and the EGoS for approval.FIVE ADDITIONAL TECHNOLOGIES APPROVEDThe EGoS also approved five additional technologies for coverage under the RDI Fund, according to the government announcement.The government said the operationalisation of the first cohort is expected to support India's technological development, reduce dependence on imported technologies and strengthen private sector-led research and innovation.The RDIF will continue to invite applications and onboard additional cohorts of fund managers in the coming months to expand the scheme's reach and encourage public-private investment in India's research, development and innovation ecosystem.- Ends