India has drawn a bold new blueprint to compete at the frontiers of science. Recent initiatives like the Anusandhan National Research Foundation (ANRF), the Rs. 1-lakh-crore Research Development and Innovation Fund (RDIF), and several deep-tech missions exemplify a commitment to fostering a domestic innovation ecosystem. This strategic ambition is welcome, but only the right financial control regime will make it effective.
The current regime, which includes procurement, fund release and accounting rules, rests on the ‘General Financial Rules (GFR), 2017’ and the ‘Hybrid Treasury Single Account (TSA) model’. The GFR governs public expenditure where outputs are usually specified ex-ante and risks are bounded.
