PM launches Rs 1 Lakh Crore Research Development and Innovation Scheme Fund

In a major boost to the Research and development ecosystem in the country, Prime Minister Narendra Modi has launched the Rs 1 Lakh Crore Research Development and Innovation (RDI) Scheme Fund. The scheme aims to promote a private sector?driven research and development ecosystem in the country. Underlining that the 21st century is a period of unprecedented transformation, i Modi remarked that the global order is witnessing a new shift, and the pace of change is not linear but exponential. With this perspective, India is advancing various aspects related to emerging science, technology, and innovation, maintaining a consistent focus on them. India?s R&D expenditure has doubled in the last decade; the number of registered patents has increased 17 times; and India has become the world?s third-largest startup ecosystem. He noted that over 6,000 deep-tech startups in India are currently working in areas such as clean energy and advanced materials. The Prime Minister added that India?s semiconductor sector is now taking flight. He also highlighted the growth of India?s bio-economy, which has expanded from $10 billion in 2014 to approximately $140 billion today.

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