Union Minister Dr. Jitendra Singh launches first RDI Fund call, unveils unique initiative of Innovation financing: Unveils First TDB Window to Fund High-Risk Technology Commercialisation

1. At a Glance

On 4 February 2026, Union MoS (IC) S&T Dr. Jitendra Singh launched the first Open Call of the Technology Development Board (TDB) under the Research, Development and Innovation (RDI) Fund of the Anusandhan National Research Foundation (ANRF) [S1][S2].
It operationalises India's ₹1 lakh crore RDI Scheme (Cabinet-approved 1 July 2025) by offering collateral-free loans at 2–4% interest, 15-year tenure for TRL-4+ deep-tech projects [S1][S3].
Marks the first dedicated public-financing window for high-risk technology commercialisation in India — significant for UPSC GS-III (S&T, economy, innovation ecosystem).

4 Feb 2026: TDB's first RDI Call opened, offering up to 50% project funding for TRL-4+ technologies with an 8-week approval timeline [S1].
Earlier, ANRF Executive Council approved operationalisation framework of the RDI Fund (Implementation Guidelines, Special Financial Rules) [S2].

2013: ANRF's predecessor framework discussions begin (SERB era).
ANRF Act, 2023: Established Anusandhan National Research Foundation, subsuming SERB; PM is ex-officio President.
1 July 2025: Union Cabinet approves RDI Scheme — ₹1 lakh crore corpus to scale private-sector R&D in strategic/sunrise domains [S1][S2].
2025: ANRF Executive Council approves two-tier fund architecture, designates TDB as a Second-Level Fund Manager (SLFM) [S2].
4 Feb 2026: First TDB Open Call launched [S1].
Predecessor: TDB itself was constituted under the Technology Development Board Act, 1995 for commercialisation of indigenous technology.

Parent body: Anusandhan National Research Foundation (ANRF) under Department of Science & Technology (DST), Ministry of Science & Technology [S2].
Statutory base: ANRF Act, 2023; TDB Act, 1995.
Corpus: ₹1,00,000 crore (RDI Fund) [S1].
Structure: Two-tier — Special Purpose Fund (SPF) within ANRF → Second-Level Fund Managers (SLFMs) like TDB, AIFs, DFIs, NBFCs [S2].
Loan terms (TDB window): 2–4% interest, up to 15-year tenure, collateral-free, with moratorium; up to 50% of project cost matched by private contribution [S1].
Eligibility: Startups, companies, industry-led R&D entities at TRL-4 and above [S1].
Focus sectors: AI, Energy, Deep-Tech, strategic and sunrise domains [S1].
Approval timeline: 8 weeks [S1].
Governance: Arm's-length Investment Committees of financial/business/technical experts [S2].

Economic: Addresses India's GERD at ~0.65% of GDP (well below OECD average); crowds in private R&D capital via concessional, long-tenure debt — a market-failure fix for the "valley of death" between lab and market.
Scientific/Technological: TRL-4 (lab-validated component) is pre-commercial — riskiest stage; instrument plugs that financing gap for AI, clean energy, semiconductors [S1].
Administrative: Two-tier architecture insulates fund from bureaucratic capture; SLFMs (TDB, AIFs) take credit risk; ANRF SPF is custodian, not direct investor [S2].
Strategic: Aligns with Atmanirbhar Bharat and reduces import dependence in dual-use, sunrise tech.
Governance/Ethical: Arm's-length investment committees mitigate political interference; concessional pricing raises moral hazard concerns vs. commercial AIFs.

1 July 2025: Cabinet approves ₹1 lakh crore RDI Scheme [S2].
2025: ANRF Executive Council clears Implementation Guidelines & Special Financial Rules [S2].
4 Feb 2026: TDB launches first RDI Open Call [S1].

RDI Fund corpus: ₹1 lakh crore [S1].
Cabinet approval date of RDI Scheme: 1 July 2025 [S2].
Implementing nodal department: DST, Ministry of Science & Technology [S2].
Parent foundation: ANRF, established under ANRF Act, 2023.
PM is ex-officio President of ANRF.
TDB was constituted under TDB Act, 1995.
TRL-4 and above = eligibility threshold [S1].
Loan terms: 2–4% interest, 15-year tenure, collateral-free [S1].
Max funding: 50% of project cost [S1].
Approval window: 8 weeks [S1].
Fund architecture: Special Purpose Fund (SPF) → Second-Level Fund Managers (SLFMs) [S2].
SLFMs include AIFs, DFIs, NBFCs, TDB [S2].
Focus areas: AI, Energy, Deep-Tech, sunrise/strategic sectors [S1].
Launch Minister: Dr. Jitendra Singh, MoS (IC) S&T [S1].

GS-III: Science & Technology — Indigenisation; Achievements of Indians in S&T; Economy — mobilisation of resources.
GS-II: Government policies/interventions for development.
Plausible stems: 1. "Indian R&D suffers from a structural 'valley of death' between lab prototype and market. Examine how the RDI Fund of ANRF seeks to bridge this gap." (15M) 2. "Discuss the institutional architecture of ANRF and evaluate the two-tier design of the RDI Fund in catalysing private R&D." (10M) 3. "Concessional public financing of deep-tech entails both promise and moral hazard. Critically examine with reference to the TDB's RDI window." (15M)

ANRF Act, 2023 — parent legislation enabling the Fund.
SERB — predecessor body subsumed by ANRF.
National Deep Tech Startup Policy (NDTSP) — complementary policy frame.
Atal Innovation Mission / AIM 2.0 — innovation ecosystem linkage.
Production Linked Incentive (PLI) Schemes — parallel industrial financing instrument.
Technology Readiness Levels (TRL 1–9) — NASA-origin classification, examinable definition.
GERD (Gross Expenditure on R&D) — India's low ratio context.
SIDBI Fund of Funds / Startup India — for institutional comparison.

Ministry confusion: RDI Fund is under DST (Min. of S&T), not MeitY or Principal Scientific Adviser's office.
ANRF vs SERB: ANRF subsumed SERB; they do not co-exist.
Direct investment myth: The Fund does NOT invest directly in startups — it routes via SLFMs [S2].
TRL threshold: Eligibility starts at TRL-4 (lab-validated), not TRL-1 (basic principles).
TDB Act year: 1995, not 2003 (often confused with the TDB-NDB era reforms).
President of ANRF: Prime Minister ex-officio — not the Union S&T Minister.

[S1] Union Minister Dr. Jitendra Singh launches first RDI Fund call… — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2223216 — (tier: 1)
[S2] ANRF Executive Council approves major decisions regarding operationalization of RDI Fund — https://dst.gov.in/anrf-executive-council-approves-major-decisions-regarding-operationalization-rdi-fund — (tier: 1)
[S3] Cabinet Approves Research Development and Innovation (RDI) Scheme… — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2141130 — (tier: 1)