Key Takeaways
- • The Indian government is advancing the appointment process for second-level fund managers under its ₹1 trillion Research, Development and Innovation (RDI) fund, with Union Minister Jitendra Singh confirming selections are underway despite delays attributed to governance rigor.
- • Two fund managers have been nominated to date: the Technology Development Board and the Biotechnology Industry Research Assistance Council, with additional selections from venture capital firms and other organizations pending announcement following an application deadline of January 31, 2026.
- • The delayed rollout reflects the government's cautious approach to inaugural fund structure, with Singh emphasizing scrutiny of accountability, confidentiality, and conflict-of-interest protocols before capital deployment accelerates.
- • The RDI fund will operate across 12 thematic areas including advanced manufacturing, energy technologies, semiconductors, and generative AI, positioning India's innovation infrastructure for systematic capital allocation across emerging technology verticals.
- • Prime Minister Narendra Modi will inaugurate the second Emerging Science, Technology and Innovation Conclave (ESTIC 2026) on October 27-29, where the RDI fund's progress and fund manager selections are expected to feature prominently.
Summary
India's government is in active execution of the appointment process for second-level fund managers overseeing the ₹1 trillion Research, Development and Innovation fund, according to Union Minister of State for Science and Technology Jitendra Singh. Speaking during the curtain raiser for ESTIC 2026, Singh acknowledged that the process has extended beyond initial timelines, attributing delays to structural considerations inherent in the fund's inaugural deployment.
The government has formally nominated two second-level fund managers: the Technology Development Board and the Biotechnology Industry Research Assistance Council. Beyond these selections, the government invited applications from venture capital funds and other institutional investors to serve as fund managers, with the application window closing on January 31, 2026. Announcements of additional selected managers remain pending, indicating the evaluation process continues at the government level.
Singh emphasized that the extended timeline reflects institutional learning and governance diligence rather than operational inefficiency. "Since this was the first experience of its kind for both us and others, it has taken time as we were learning and being very cautious about factors like accountability, confidentiality, conflict of interest, etc.," Singh stated. He further noted that the government gathered inputs across stakeholder groups, particularly from industry partners, before advancing selections. Once initial fund managers begin deploying capital, Singh indicated that subsequent appointments would accelerate and become routine.
The RDI fund operates across 12 identified thematic areas spanning advanced manufacturing, energy technologies, semiconductors, next-generation chips, and generative and autonomous artificial intelligence. Prime Minister Narendra Modi announced the fund's launch at ESTIC's inaugural edition in 2025 and will formally open the conclave's second edition on October 27-29, 2026, at Bharat Mandapam in New Delhi, providing a platform for detailed disclosure on fund manager selections and capital deployment strategy.
The government has formally nominated two second-level fund managers: the Technology Development Board and the Biotechnology Industry Research Assistance Council. Beyond these selections, the government invited applications from venture capital funds and other institutional investors to serve as fund managers, with the application window closing on January 31, 2026. Announcements of additional selected managers remain pending, indicating the evaluation process continues at the government level.
Singh emphasized that the extended timeline reflects institutional learning and governance diligence rather than operational inefficiency. "Since this was the first experience of its kind for both us and others, it has taken time as we were learning and being very cautious about factors like accountability, confidentiality, conflict of interest, etc.," Singh stated. He further noted that the government gathered inputs across stakeholder groups, particularly from industry partners, before advancing selections. Once initial fund managers begin deploying capital, Singh indicated that subsequent appointments would accelerate and become routine.
The RDI fund operates across 12 identified thematic areas spanning advanced manufacturing, energy technologies, semiconductors, next-generation chips, and generative and autonomous artificial intelligence. Prime Minister Narendra Modi announced the fund's launch at ESTIC's inaugural edition in 2025 and will formally open the conclave's second edition on October 27-29, 2026, at Bharat Mandapam in New Delhi, providing a platform for detailed disclosure on fund manager selections and capital deployment strategy.
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