New Delhi, July 31: The government on Friday said that companies selected for financial support under the Research, Development and Innovation (RDI) Fund were chosen through a merit-based process supported by detailed evaluation procedures and strict conflict-of-interest safeguards.
The Ministry of Science and Technology issued the clarification after concerns were raised over personal investments held by some members of an Investment Committee in companies that received funding under the scheme.In a written response to a question from Rajya Sabha member Praveen Chakravarthy, Science and Technology Minister Jitendra Singh had stated that seven of the 11 members of one of the selection committees had investments in certain companies selected for support under the RDI Fund.
The ministry said that the existence of financial interests did not result in the participation of concerned members in decisions involving those companies.According to the statement, members were required to disclose any potential conflict of interest before the evaluation process. Those with a personal or financial connection to a company were required to withdraw completely from discussions, assessments and decision-making related to that entity.
The Technology Development Board (TDB), one of the organisations responsible for managing and disbursing RDI Fund support, has a comprehensive conflict-of-interest framework, the ministry said.
It added that the policy has been implemented over an extended period without any reported complaints, grievances or irregularities.Before the first meeting of the Investment Committee, the TDB prepared detailed pre-investment guidelines and standard operating procedures to define situations that could lead to a conflict of interest and establish the steps required to address them.
The ministry said the guidelines mandate full disclosure and complete recusal whenever a committee member has a potential conflict involving an applicant company.It maintained that the procedures were followed throughout the funding process and that members with potential conflicts had no role in the assessment or approval of the concerned proposals.
All funding decisions were taken in accordance with the RDI Fund’s implementation guidelines and were based on the merits of the proposals, the ministry said.
The government reiterated its commitment to ensuring transparency, integrity and fairness in the allocation of financial support and said it would continue to uphold high standards while promoting research, technological development and innovation in the country.
