Sitharaman urges private sector to tap ₹1 trillion R&D fund

New Delhi: Finance minister Nirmala Sitharaman on Friday said the recently launched ₹1 trillion research and development (R&D) fund is open to both government and private entities, urging the private sector to tap it to drive innovation.

“This fund is accessible not only to government institutions but also to private sector entities across the country to promote innovation and research,” Sitharaman said in a statement released by the ministry of finance.

Prime Minister Narendra Modi recently launched the research, development, and innovation (RDI) fund, aimed at strengthening India’s research ecosystem and fostering collaboration between government institutions and private industry.

The initiative marks a significant step in India’s broader effort to expand its innovation capacity and develop cutting-edge technologies across sectors such as manufacturing, semiconductors, clean energy, and artificial intelligence.

He also announced the establishment of the Anusandhan National Research Foundation to boost scientific research and innovation across the country.

The foundation is expected to serve as a key institutional platform for integrating academia, industry, and government efforts to accelerate breakthroughs in science and technology.

The finance minister's remarks came during her visit to Tata Electronics’ semiconductor assembly and testing facility at Jagiroad in Assam’s Morigaon district. Sitharaman is on a two-day visit to the state.

The ₹27,000 crore Tata semiconductor project is expected to produce 48 million chips a day and employ advanced packaging technologies such as flip chip and integrated system-in-package (ISIP). Once completed, it will be among India’s leading high-tech manufacturing facilities.

Sitharaman said the state is witnessing a period of rapid economic growth and urged young people to seize emerging opportunities by starting their own ventures.

“The present time offers immense opportunities. Once an industrial unit is established, several peripheral industries are likely to emerge, generating more employment avenues for the youth,” she said in the statement.

“Assam is witnessing a golden moment of growth, and I urge the youth to step forward, take risks, and start their own ventures to contribute to the nation’s economic development,” the finance minister added.