India backing high-risk, impactful R&D projects: PM Modi

New Delhi: To spur private sector investment in research and development, Prime Minister Narendra Modi on Monday launched a Rs 1 lakh crore fund and announced that his government was now supporting high-risk and high-impact projects, as India aims to emerge as a science and technology powerhouse.

Inaugurating the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), the annual flagship event involving policy-makers, innovators and global visionaries, Modi said his government has introduced significant reforms for a modern ecosystem of innovation to flourish in the country.

"In this time of the 21st century, there is a great need for experts from all over the world to come together to brainstorm on emerging science, technology and innovation, and together they should show the direction," said Modi, giving the reasons for hosting the Conclave, which will be an annual feature.

At the Conclave, the prime minister also launched the Rs 1 lakh crore Research, Development and Innovation Fund to spur private sector investment in the domain.

India spends 0.6 per cent of its GDP on research and development, which is below the global average. On this share, the private sector accounts for 36 per cent of the investments, as against countries such as China, South Korea and the US. In these countries, the private sector spending accounts for 75 per cent of the gross expenditure on research and development.

"For the first time, capital is being allocated specifically for high-risk, high-impact projects, ensuring support for ground-breaking endeavours," he said, adding the government was focusing on 'Ease of Doing Research' so that a modern ecosystem of innovation can flourish in India.

"The number of registered patents has grown an impressive 17-fold. In the start up landscape, India has emerged as the third-largest ecosystem globally," he said.

Modi said the government has established the Anusandhan Research Foundation to elevate research and innovation across universities, creating new opportunities for growth and advancement.

The prime minister said when innovation is inclusive, its leaders emerge as the greatest beneficiaries and Indian women serve as a prime example of this.

"Their contributions are widely recognised, particularly in discussions about India's advancements in space exploration. A decade ago, the number of patents filed by women in India was less than 100 annually. Today, that number has surged to over 5,000 each year," he said.