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Rs 1 lakh Crore Fund To Mitigate R&D Risks, Spur Private Investment In Cutting-Edge Technologies: Secretary DST

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Rs 1 lakh Crore Fund To Mitigate R&D Risks, Spur Private Investment In Cutting-Edge Technologies: Secretary DST


New Delhi: The recently launched Rs 1 lakh crore Research Development and Innovation (RDI) fund, particularly focused on India’s private sector, aims to support the private research and innovation mindset among players and mitigate the financial risks associated with it.

 

Speaking at a workshop organised by the Department of Science and Technology (DST) and the industry chamber FICCI, Secretary of the DST, Abhay Karandikar, has asserted that, largely, the private sector has “shied away from investing” in cutting-edge technology development, which at times requires longer gestation periods.

 

The DST, quoting their own estimates, noted that the gross expenditure on R&D by the private sector continues to be in the range of 30-35 per cent of their total expenditure.

 

“And generally, it has been seen that the private sector has shied away from investing in cutting-edge technology development, which requires longer gestation periods,” the DST Secretary Karandikar added.

 

Understanding the issues the private sector faces in doing R&D that has a long gestation period, the government, according to the Secretary, brought in this Rs 1 lakh crore RDI corpus.

 

Innovating technologies that require, let’s say, five to ten years to mature and turn into a deployable, commercialisable product tend to become difficult for private players in India.

 

“Such a long gestation period also entails that kind of uncertainty  and we have seen that you know the industry and the private sector investments  in those cutting edge R &D sectors has lacked in India, and to address that gap, therefore the government decided to (support under the RDI scheme).”

 

“…we want to increase the investment of the private sector R&D but then there are inherent business risks and the commercial risks that are involved and obviously therefore we will not be able to attract the private sector investment unless those commercial and business risks are mitigated,” the secretary further said, providing rationale behind the RDI scheme launch.

 

Among the objectives of the RDI scheme is to catalyse the private sector investment in sunrise sectors.

 

Prime Minister Narendra Modi on November 3 launched the Rs 1 lakh crore Research Development and Innovation (RDI) Scheme Fund, which was initially announced in the interim Budget of 2024-25. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates, Finance Minister Nirmala Sitharaman had said, presenting the 2024-25 interim Budget on February 1, 2024. This fund, she had said, will encourage the private sector to scale up research and innovation significantly in sunrise domains.

 

“The government thought that we can actually become a catalyst. We can start that movement. And then, hopefully, when these initial risks are mitigated, we will be able to attract the private sector investment at growth stage or scaling…,” the DST Secretary said.

 

He also highlighted the fact that there are about 1500 venture capital investment firms that are putting money into our startup ecosystem, but only a few invest in R&D, particularly in the cutting-edge deep tech sectors.

 

“And therefore, that needs to be now catalysed. And we believe that this Rs 1 lakh crore RDI fund is a step in the direction which will, in the coming years, catalyse 10x of this investment, hopefully from the private sectors and the other investors,” the secretary said.

 

The RDI scheme has a total outlay of Rs 1 lakh crore over 6 years, with Rs 20,000 crore allocated for FY 2025-26, funded from the Consolidated Fund of India. It offers long-term loans with low or zero interest, equity investments, and contributions to the Deep-Tech Fund of Funds. Grants and short-term loans are not provided under this scheme, Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences informed Rajya Sabha in a written reply on July 31, 2025.

 

During his address, he also emphasised the importance of obtaining quality and authentic data to facilitate regulatory reforms and position India in the global innovation index.

 

“…it is extremely important that India’s data which we submit is not only recent but also authentic, hasquality and therefore gives a true picture of this and this is extremely important for positioning our country in the global innovation space in the geopolitical context because these kinds of indicators attract investments, these kinds of indicators are helpful for negotiating on trade policies. And these kinds of indicators also become important in terms of technology arbitrage if we want to do as a nation,” the Secretary explained.

 

The Department of Science and Technology serves as the nodal agency for formulating policies and promoting the scientific research, technology and innovation ecosystem in India.

 

 

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Oil nears highest price since start of Iran war

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Oil nears highest price since start of Iran war



The US-Israel Iran war has halted almost all traffic in a key waterway and the price Brent crude has surged.



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Crunch talks between resident doctors and ministers set to continue

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Crunch talks between resident doctors and ministers set to continue



Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.

Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.

It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.

Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.

“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.

“We made that very clear to Government in our meetings today.

“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.

“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”

It comes as senior medics announced they were escalating their disputes with the Government.

Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.

Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.

Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.

“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”

The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.

NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.

The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.

In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.

“This will represent a significant strain on staffing resources to provide safe cover.”



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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India

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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India


India is set to receive its first shipment of Iranian crude oil since 2019, with a tanker carrying 600,000 barrels of oil en route to Gujarat following a temporary sanctions waiver by the US, according to PTI.Ship-tracking data indicates that the vessel Ping Shun is headed towards Vadinar port, marking a potential revival of Indo-Iran oil trade after nearly five years.“The Indo-Iranian oil trade has flickered back to life. Following the US administration’s decision to grant a 30-day window for Iranian oil “on the water” due to regional conflict, the vessel Ping Shun is now en route to Vadinar (in Gujarat) with 600,000 barrels of crude. This is the first such delivery since May 2019 and comes at a critical time for Indian refiners facing tightening inventories,” said Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler.The development follows Washington’s decision earlier this month to allow a 30-day window for the purchase of Iranian oil already at sea, aimed at easing global oil prices amid the ongoing US-Israel conflict with Iran. The window is set to expire on April 19.While the buyer of the cargo remains unidentified, Vadinar houses a 20 million tonnes per annum refinery operated by Rosneft-backed Nayara Energy and also serves as a landing point for crude supplies to inland refineries such as BPCL’s Bina unit.India’s oil ministry has so far maintained that any decision to resume imports from Iran will depend on techno-commercial viability.Before sanctions were tightened in 2018, India was among the largest buyers of Iranian crude, importing both Iran Light and Iran Heavy grades due to refinery compatibility and favourable pricing terms.Imports ceased in May 2019 after US sanctions were reimposed, with India shifting to alternative suppliers including the Middle East and the US. At its peak, Iranian crude accounted for 11.5 per cent of India’s total imports.India had imported about 518,000 barrels per day (bpd) of Iranian oil in 2018, which declined to 268,000 bpd between January and May 2019 during a sanctions waiver period before dropping to zero thereafter.“The Aframax Ping Shun (IMO 9231901) loaded with Iranian crude oil from Kharg Island in early March has emerged as the first vessel observed signalling a destination of Vadinar, India since May 2019, following sanction reimposition on Iranian oil by the first Trump administration,” Ritolia said.The tanker is estimated to have loaded around 600,000 barrels from Kharg Island around March 4 and is expected to reach Vadinar on April 4.An estimated 95 million barrels of Iranian oil are currently stored on vessels at sea, of which around 51 million barrels could be supplied to India, while the rest may be directed to China and Southeast Asian markets.However, payment mechanisms remain uncertain as Iran continues to be excluded from the SWIFT global banking system, complicating international transactions.Earlier, payments were routed in euros through Turkish banks, but that channel is no longer available following renewed sanctions restrictions.Iran was first disconnected from SWIFT in 2012 due to EU sanctions over its nuclear programme, with further disruptions in 2018 after the US reimposed sanctions, limiting its ability to receive payments and access foreign currency reserves.



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