The Research, Development and Innovation (RDI) Special Purpose Fund, amounting to ₹1 lakh crore (roughly $120 billion USD), is set to issue its first cheques to eligible entities shortly, according to Shivkumar Kalyanaraman, CEO of the Anusandhan National Research Foundation (ANRF). This initiative, announced by Prime Minister Narendra Modi on November 3, 2025, aims to cultivate deep-tech innovation in India by channeling capital through second-level fund managers into the private sector, primarily targeting deep-tech startups and corporate research units. The ANRF has already allocated ₹2,000 crore (approximately $240 million USD) each to the Technology Development Board (TDB) and the Biotechnology Industry Research Assistance Council (BIRAC) in the fund's initial phase. Kalyanaraman anticipates that the mobilized capital could expand from ₹1 lakh crore to between ₹4 lakh crore and ₹10 lakh crore over time, driven by a money multiplier effect. The fund is designed to encourage collaboration between academia and industry, fostering innovation and research capacity in India. Kalyanaraman emphasized the need for robust information, human, and physical infrastructure to support this initiative, which he described as a pivotal moment for India's deep-tech landscape.