New Delhi: Prime Minister Narendra Modi on Monday launched a Rs 1 lakh crore fund to spur private sector investment in research and development and announced that his government was now supporting high-risk and high-impact projects, as India aims to emerge as a science and technology powerhouse.

Inaugurating the first-ever Emerging Science, Technology and Innovation Conclave (ESTIC), the annual flagship event involving policymakers, innovators and global visionaries, Modi said his government has introduced significant reforms for a modern ecosystem of innovation to flourish in the country.

The Prime Minister said the world was witnessing a new shift in the global order and the pace of change was exponential. "In this time of the 21st century, there is a great need for experts from all over the world to come together to brainstorm on emerging science, technology and innovation, and together they should show the direction," said Modi, giving the reasons for hosting the Conclave, which will be an annual feature.

At the conclave, the Prime Minister also launched the Rs 1 lakh crore Research, Development and Innovation Fund to spur private sector investment in the domain. "This significant investment is aimed at benefiting the public and unlocking new avenues of opportunity. Our goal is to foster a culture of research and development within the private sector as well," he said.

India spends 0.6 per cent of its GDP on research and development, which is below the global average. On this share, the private sector accounts for 36 per cent of the investments, as against countries such as China, South Korea and the US.

In these countries, the private sector spending accounts for 75 per cent of the gross expenditure on research and development.

"For the first time, capital is being allocated specifically for high-risk, high-impact projects, ensuring support for ground-breaking endeavours," he said, adding the government was focusing on 'Ease of Doing Research' so that a modern ecosystem of innovation can flourish in India. "To achieve this vision, our government has introduced significant reforms in financial regulations and procurement policies.

Additionally, we have streamlined incentives and supply chain frameworks to accelerate the transition of prototypes from the lab to the market," he said.