By Ashish Dhawan & Varun Aggarwal

This year’s economics Nobel Prize awarded to Philippe Aghion, Peter Howitt, and Joel Mokyr underscores the principle that sustained productivity gains stem not from capital deepening alone but from frontier innovation, the systematic generation and diffusion of new technologies that displace obsolete ones through creative destruction.

The Rs 1-lakh crore Research, Development and Innovation Fund (RDIF) operationalises this principle by addressing a long-standing structural gap in India’s innovation system, i.e. absence of an institutionalised financing mechanism for commercialising research to create deeptech products.

While the Anusandhan National Research Foundation (ANRF) supports upstream research (Technology Readiness Levels, TRL 1–6), THE RDIF p

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