New Delhi, Aug 7 (IANS) The Research, Development and Innovation (RDI) Fund is being implemented through a robust institutional framework founded on transparency, merit-based evaluation and stringent conflict-of-interest safeguards, the government said on Friday.
Senior officials of the Department of Science and Technology (DST), Technology Development Board (TDB) and Anusandhan National Research Foundation (ANRF) said that every funding decision is taken strictly in accordance with approved implementation guidelines and established due process.
Rajesh Kumar Pathak, Secretary, Technology Development Board (TDB), and Dr. Shivkumar Kalyanaraman, Chief Executive Officer, Anusandhan National Research Foundation (ANRF), addressed the concerns.
Professor Umesh V Waghmare, Secretary, Department of Science and Technology and Chairperson, TDB, reaffirmed the government's commitment to transparency, fairness and ethical governance in the implementation of the RDI Fund.
He expressed complete confidence in the integrity and ethical conduct of the members of the expert committee and emphasised that DST, TDB and ANRF remain committed to ensuring transparency, fairness and accountability in the operations of the Technology Development Board and the RDI Fund.
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 Internal Committee (IC) member.
Explaining the evaluation process, officials noted that project approvals are taken collectively by an Investment Committee comprising independent external experts drawn from technology, industry, and investment domains.
The government also clarified that assistance under the RDI Fund through TDB is provided for specific research and technology development projects, and not as financial support to companies as entities.
Addressing questions regarding prior investments made by venture capital funds or angel investor networks, officials clarified that such investments, where made before submission of a proposal, have no bearing on the government's funding decision.
“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,” said officials.
“Many of these 22 ETEs got fund from co-investors as well as VC funds/Family offices where none of the IC member is conflicted. This further gives confidence to RDI fund investment,” they added.
--IANS
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