3 min readNew DelhiUpdated: Aug 7, 2026 01:18 PM IST
An Indian Express investigation into possible conflict of interest over grants approved by the government’s Research, Development and Innovation Fund – set up to boost India’s deep-tech ambitions – was highlighted by Congress MP Praveen Chakravarty Friday morning.
Chakravarthy wrote to the Rajya Sabha Secretary-General to urge the government to “apprise the House of the safeguards in place to prevent actual, or perceived conflicts of interest in the selection process”. He submitted a notice of intention calling the attention of the Minister of Science, Dr Jitendra Singh to a motion likely to be tabled on August 13.
The Congress leader also asked the government to inform the House of a possible independent review of the first round of approvals, i.e., whether protocols to avoid potential conflicts of interest would be strengthened and if steps are being taken to ensure public funds allocation is done through a process that is “fair, impartial, and beyond reproach”.
Quoting The Indian Express‘ investigation, Chakravarthy said that approximately 62 per cent of funding for the first round of investments – amounting to Rs 1,377 crore of the sanctioned Rs 2,192 crores – had been released to companies linked to the committee that made the selections.
He noted the government did disclose the composition of the committee, funding links between the members and the recipient companies, and a conflict resolution policy, “these findings have raised serious concerns about the adequacy of the existing safeguards”.
He added that while the government had said members disclosed their interests and recused themselves whenever required, “the extent of the overlap between decision-makers and beneficiary companies has raised broader questions about whether the current conflict-of-interest framework is sufficient to protect public confidence”.
“It is imperative,” he further noted, “that its (i.e., the deep-tech fund) governance meets the highest standards of transparency and accountability.”
Story continues below this ad
The Indian Express‘ investigation found that of the 22 recipients of the fund , 15 have investment ties to seven members of the selection committee; these together got over Rs 1,377 crore. Nine of the firms are linked to the chairman of the selection panel, the founder of an angel investing network who also has a personal stake in at least one of the companies selected.
These members are part of the Investment Committee of the Technology Development Board – one of two organisations under the Ministry of Science and Technology entrusted with picking firms for grants from the fund that was launched in November 2025.
When contacted, the seven panel members denied any impropriety and said the fund’s guidelines forbid them from participating in the evaluation process in situations of conflict of interest.
They said they had communicated their interests to the Government in advance and, as required under the guidelines, recused themselves from decisions concerning firms linked to them.