India’s ₹1 Lakh Crore RDI Fund Approves 19 Fund Managers

The Research, Development and Innovation Fund (RDIF) has approved its first cohort of 19 second-level fund managers, with a total commitment of ₹7,131 crore under the government’s ₹1 lakh crore scheme. 

The Empowered Group of Secretaries (EGoS) approved the cohort at a meeting held on October 8, 2026.

The cohort includes 14 alternative investment funds (AIFs) and five focused research organisations (FROs). The fund managers will channel RDIF capital to eligible technology enterprises undertaking research, development, and innovation at Technology Readiness Level (TRL) 4 and above. They are expected to mobilise private capital equivalent to their RDIF contributions.

TRL 4 and above indicate moving from proofs-of-concept to system integration, prototyping, and operational deployment.

Launched by Prime Minister Narendra Modi in November 2025, the Research, Development and Innovation Scheme aims to catalyse private-sector investment in high-risk, high-impact research and development and deeptech innovation. 

The RDIF is managed by an independent business unit housed within the Anusandhan National Research Foundation (ANRF), under the Department 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 detailed assessments and in-person interactions with an Expert Advisory Committee. The proposals were then placed before the ANRF Executive Council before being submitted to the EGoS for consideration and approval.

The EGoS also approved five additional technologies for coverage under the RDI Fund.