NEW DELHI: Prime Minister Narendra Modi on Monday said India is committed to supporting high-risk, high-impact research and development (R&D) projects and boosting private investment to position the country as a global science and technology powerhouse.

Inaugurating the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), Modi announced the launch of a Rs1 lakh crore Research, Development and Innovation Fund to spur private sector participation in R&D.

“This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity,” the Prime Minister said, adding that, for the first time, capital was being allocated specifically for high-risk, high-impact initiatives.

Modi said the government’s focus was on promoting ‘Ease of Doing Research’ through reforms in financial regulations, procurement policies, and incentives to help innovations move swiftly from lab to market.

He highlighted that India’s R&D expenditure had doubled over the past decade, with patent registrations rising 17-fold. India now ranks as the third-largest startup ecosystem in the world, he noted.

The Prime Minister also cited the creation of the Anusandhan Research Foundation to strengthen research and innovation across universities.

Emphasising inclusivity in innovation, Modi lauded women’s growing role in science and technology. “A decade ago, fewer than 100 patents were filed by women annually. Today, that number has crossed 5,000,” he said, noting that women constitute 43% of India’s STEM students, well above the global average.

“When science meets scale, innovation becomes inclusive, and technology drives transformation, that’s when great achievements happen,” Modi said. “India is no longer just a consumer of technology; it has become a pioneer of transformation through technology.”

(With inputs from PTI, ANI)