3 weeks ago
Government says RDI Fund safeguards robust, no committee member conflicted
The government in India has a special fund called the Research, Development and Innovation Fund.
This fund gives money to companies that build new technology and science.
Some people were worried that the people choosing the companies might have a conflict of interest.
The government said this is not true.
It explained that there are strict rules to stop unfair choices.
If a decision-maker owns a company, that company cannot ask for money while the person is on the committee.
A group of outside experts decides together on every proposal.
The government also said money from other investors does not affect its decisions.
It said the 22 chosen companies are building very special technologies, some for the first time in India and the world.
The government said the RDI Fund operates through a robust framework with transparency, merit-based evaluation, and stringent conflict-of-interest safeguards.
Officials said no Investment Committee member is conflicted regarding the 22 companies funded through the RDI Fund.
TDB's conflict-of-interest policy requires IC members who own an ETE to ensure no proposals from those firms are submitted to TDB during their tenure.
Project approvals are made collectively by an Investment Committee of independent external experts from technology, industry, and investment.
The 22 beneficiaries are deep-science companies building sovereign technologies, many being firsts for India and rare globally.
- Who
- Senior officials of the Department of Science and Technology (DST), Technology Development Board (TDB), and Anusandhan National Research Foundation (ANRF), including Professor Umesh V Waghmare, Rajesh Kumar Pathak, and Dr. Shivkumar Kalyanaraman.
- What
- The government defended the RDI Fund's conflict-of-interest safeguards and the funding of 22 deep-science companies.
- Where
- New Delhi.
- When
- Friday, August 7.
- Why
- To address concerns about potential conflicts of interest among Investment Committee members in RDI Fund funding decisions.
Key facts
- Fund
- Research, Development and Innovation (RDI) Fund
- Implementing agencies
- Department of Science and Technology (DST), Technology Development Board (TDB), Anusandhan National Research Foundation (ANRF)
- Funded companies
- 22 deep-science companies building sovereign technologies
- Decision body
- Investment Committee of independent external experts from technology, industry, and investment
- COI policy
- IC members who own an ETE must ensure no proposals from that firm are submitted to TDB during their tenure
- Funding scope
- Specific research and technology development projects, not financial support to companies as entities
- TDB established
- 1996 under an Act of Parliament
- Announcement
- Press conference held Friday, August 7, in New Delhi
Quotes
An official of the Technology Development Board (TDB)
Senior TDB official speaking at a press conference
“"TDB has put in place even more stringent COI policy in place whereby if an IC member owns an ETE (CEO, Founder or Shareholder) then it’s the responsibility of such member to ensure no project proposal is submitted by the ETEs to TDB till he/she is the IC member"”
thestatesman.com
“Each of the 22 companies are deep‑science based companies building sovereign technologies and solving critical problems. Many of the technologies being built are first time in India and one of the very few in the world.”
thehansindia.com
Sources
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