The Research , Development and Innovation Fund ( RDIF ) , a flagship initiative of the Government of India , has announced the first cohort of 19 Second Level Fund Managers ( SLFMs ) . This is a significant step towards operationalizing the ₹1 lakh crore fund. The Empowered Group of Secretaries ( EGoS ) , in its meeting held on October 8 , 2026 , approved 14 Alternative Investment Funds ( AIFs ) and 5 Focused Research Organizations ( FROs ) , with a total investment of ₹7,131 crore from RDIF .
The Research , Development and Innovation (RDI ) scheme with a total outlay of Rs. 1 lakh crore was launched by Hon’ble Prime Minister Shri Narendra Modi in November 2025. This initiative reflects the Government’s vision to transform India from a technology-using nation to a nation that develops globally-competitive technologies and products and emerges as a leading technology provider in the world.
RDIF is one of the most ambitious and creative initiatives to transform India’s research and innovation ecosystem. By providing long-term, patient-focused investments for high-risk, high-impact research and development , the Fund seeks to address the critical funding gap that has historically limited private sector investment in emerging and strategic technologies.
RDIF is managed by the Anusandhan National Research Foundation (ANRF), an independent business unit of the Department of Science and Technology (DST), Ministry of Science and Technology, Government of India. The first process for inviting applications from potential SLFMs was launched in January 2026. The applications received under this process underwent a rigorous multi-stage scrutiny, including a detailed and objective evaluation of the applications and face-to-face discussions with an Expert Advisory Committee. Following this process, the proposals were placed before the Executive Council of ANRF and subsequently the Empowered Group of Secretaries ( EGoS ) for deliberation and approval.
The 19 institutions approved under the first cohort will play a key role in channeling RDIF capital to Eligible Technology Companies (ETEs ) pursuing research , development, and innovation at Technology Readiness Level (TRL ) 4 and above . These SLFMs are expected to raise private capital to match RDIF’s contribution.
The commencement of work for the first cohort is indeed a significant step towards advancing India’s technological sovereignty , reducing dependence on imported technologies, and building an innovation-driven and globally competitive economy. By fostering a strong ecosystem of private sector-led research and development in ‘ Science 4 Technology , ‘ RDIF will play a key role in positioning India as a global hub for technological development and innovation. This is in line with the vision of ‘Atmanirbhar Bharat’ and ‘Developed India 2047.’
The Empowered Group of Secretaries ( EGoS ) also approved five more technologies for inclusion under the RDI Fund.
Building on this significant achievement , RDIF will continue to invite applications to include more SLFM groups in the near future. This will expand the Fund’s reach and promote public-private partnerships and investment in India’s research , development, and innovation ecosystem.
*****
