The RDI Fund has approved Rs 2,192 crore in soft loans for 22 private companies working in deep technology. These firms operate in sectors such as space, energy, healthcare, and advanced manufacturing. The Technology Development Board (TDB), under the Ministry of Science and Technology, selected the companies through a 12-member Investment Committee. However, an investigation by The Indian Express found that 15 selected companies have investment links with seven committee members. Those firms received more than Rs 1,377 crore from the RDI Fund.
Committee chairman Saurabh Srivastava has the highest number of links. Registrar of Companies records and company disclosures show that he has a personal stake in Noccarc Robotics. The Pune-based company received Rs 11.41 crore under the RDI Fund. The report also states that the Indian Angel Network invested in the company, while Srivastava serves as a director. Still, committee members said they disclosed all interests before the selection process. They also said they followed the rules and recused themselves whenever a related company came up for evaluation.
15 funded firms had investment links with seven members of the committee, while officials say all conflict rules were followed.
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Meanwhile, the issue reached Parliament after Congress Rajya Sabha MP Praveen Chakravarty raised concerns. In a written reply, Science and Technology Minister Jitendra Singh confirmed that seven committee members had disclosed financial interests. Later, the Department of Science and Technology said every proposal received a merit-based evaluation. It also stated that conflicted members had zero involvement in reviewing or approving related applications under the RDI Fund.
Chakravarty clarified that he was not alleging wrongdoing. Instead, he called for stronger safeguards because public money requires higher standards of transparency. He suggested that scientists and academics should play a larger role in such committees. Financial experts could still advise from outside the panel. According to him, public confidence depends on both fair decisions and clear processes.
The controversy has started a wider debate on governance and accountability. Experts agree that disclosure and recusal are important. However, many also believe that public funding needs stronger institutional safeguards. As India expands the RDI Fund, transparent systems will remain essential for maintaining trust and supporting innovation.
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