Govt Allocates INR 20,000 Crore for Private-Sector Driven R&D, Announces Deep Tech Fund

Finance Minister Nirmala Sitharaman has announced an INR 20,000 crore investment to drive private sector-led research, development, and innovation, building on the initiative introduced in the July budget.

To further boost cutting-edge, next-gen technology startups, the government will explore the creation of a Deep Tech Fund aimed at catalysing the next generation of Indian startups.

As part of this initiative, the PM Research Fellowship Scheme will provide 10,000 fellowships over the next five years for technological research in IITs, NITs, and IISc, with enhanced financial support.

These measures underscore the government’s commitment to positioning India as a global leader in deep tech, innovation, and scientific research while strengthening collaboration between academia and the private sector.

Additionally, the government will start a National Geospatial Mission to develop foundational geospatial infrastructure and data. This will use the PM’s Gati Shakti mission to facilitate the modernisation of land records, urban planning and design of infrastructure projects.

Sitharaman also revealed plans for five National Centres of Excellence for Skilling, designed to equip youth with industry-relevant expertise. “These centres will be set up with global partnerships to support Make for India, Make for the World manufacturing,” Sitharaman stated. 

The initiative will cover curriculum design, trainer training, a skill certification framework, and regular assessments.

To strengthen higher education, the government is investing in the expansion of IIT infrastructure. Over the past decade, student intake at IITs has doubled from 65,000 to 1.35 lakh. 

Additional facilities will be developed at five IITs established post-2014, creating space for 6,500 more students. Hostel and other infrastructure capacity at IIT Patna will also be expanded.