How can India build a self-reliant, globally competitive deep-tech ecosystem?

India's push to build a self-reliant, globally competitive deep-tech ecosystem is facing significant challenges. The country's Research, Development and Innovation (RDI) scheme, worth Rs 1 lakh crore, aims to bridge the gap between basic scientific research and long-term risk capital. The Indian government's approach to innovation differs from that of the US, which has a well-funded and market-driven innovation atmosphere. The US uses the 'Triple-Helix' model, integrating government funding, academic research, and venture capital. This model was bolstered by the Bayh-Dole Act of 1980, which transferred IP ownership to universities and inventors. The act incentivised higher education institutions to establish campus-based Technology Transfer Offices and promote licensing of patents to private industry. DARPA, a high-risk funder for research and development, de-risks breakthrough innovations by serving as the initial buyer and funding partner. In contrast, India's RDI model is largely characterised by public spending in government laboratories and elite academic institutions, with constraints on private industry participation. The RDI scheme operates on three pillars: low-cost financing, targeting mid-stage research, and partnerships with industry and research intermediaries. The government aims to provide long-term capital deployment to support research and innovation. However, critics argue that the RDI scheme's focus on long-term capital deployment may not adequately address the constraints faced by India's R&D ecosystem.