The Research, Development and Innovation Fund (RDIF) has officially announced its first cohort of 19 Second Level Fund Managers (SLFMs).
Approved by the Empowered Group of Secretaries (EGoS) on October 8, 2026, this milestone marks the active operationalisation of India’s ambitious ₹1 lakh crore RDI Scheme.
Launched initially by Prime Minister Narendra Modi in November 2025, the RDIF is designed to correct a historical bottleneck in India’s innovation ecosystem: the lack of long-term, patient capital for high-risk, high-impact research. By bridging this critical financing gap, the government aims to pivot India’s status from a mere technology consumer to a globally competitive technology creator.
Fueling Deep-Tech at Scale
The newly approved cohort features 14 Alternative Investment Funds (AIFs) and 5 Focused Research Organisations (FROs), backed by a substantial RDIF commitment of ₹7,131 crore. Managed through an Independent Business Unit housed under the Anusandhan National Research Foundation (ANRF) within the Department of Science and Technology (DST), these entities underwent a rigorous, multi-stage evaluation process involving expert committees and the ANRF Executive Council.
These 19 institutional managers will act as conduits, channelling patient capital directly to Eligible Technology Enterprises (ETEs) working on cutting-edge research at Technology Readiness Level (TRL) 4 and above. Crucially, these SLFMs are mandated to mobilise private capital equivalent to the government’s contribution, effectively doubling the financial muscle available to India’s deep-tech pioneers.
A Pillar for Viksit Bharat 2047
Beyond financial allocations, the operationalisation of the first cohort is a strategic blueprint for achieving technological sovereignty. By reducing import dependence and catalysing private sector-led research in ‘Science 4 Technology’, the initiative aligns seamlessly with the national vision of Atmanirbhar Bharat and Viksit Bharat 2047.
Adding further momentum, the EGoS also cleared five additional strategic technologies to be covered under the fund. With future cohorts already in the pipeline, the RDIF is poised to expand its reach, cementing India’s position as a vibrant global powerhouse for research, development, and innovation.
