Cabinet-approved RDIF progress: TDB and BIRAC onboarded; TDB projects sanctioned; BIRAC projects shortlisted
RDIF progress: TDB and BIRAC onboarded as Second Level Fund Managers under Focused Research Organisations; project pipeline details
- RDIF assistance via Second Level Fund Managers is directed to projects undertaken by eligible technology entities at Technology Readiness Level (TRL) 4 or above.
- RDIF assistance is capped at not more than 50% of the total assessed project cost; remaining financing is to be mobilised by project proponents through their own resources or commercial sources (as reported under RDIF Guidelines in the PIB communication).
What happened
The Union Cabinet approved India’s Research, Development and Innovation (RDI) Fund (RDIF) on 1 July 2025 and the Government launched the Fund on 3 November 2025. In FY 2026, the Government approved the Technology Development Board (TDB) and the Biotechnology Industry Research Assistance Council (BIRAC) as Second Level Fund Managers (SLFMs) under the Focused Research Organisations (FRO) category.
The Government reported RDIF implementation progress through both approvals and financing activity. TDB received ₹500 crore in March 2026 for investment in eligible technology entities; TDB also approved 22 projects with a total project cost of ₹4,744 crore, including RDIF support of ₹2,192 crore. BIRAC shortlisted eight projects for support, involving ₹390.35 crore of RDIF support. The Government also reported that applications received for onboarding include 162 applications from various Alternative Investment Funds (AIFs) and 38 applications from FROs, with processing underway by the competent sanctioning authority for a proposed commitment of around ₹8,000 crore for various AIFs and FROs.
RDIF is designed to finance innovation at Technology Readiness Level (TRL) 4 or above, using Second Level Fund Managers (SLFMs) such as TDB and BIRAC and limiting RDIF assistance to 50% of assessed project cost or per funding-round equity-linked value. The current update provides measurable onboarding and pipeline numbers that can be used to study how India structures blended R&D finance rather than only announcing approvals.