Government tech fund goes to private firms linked to panel that selected them
An investigation by The Indian Express reveals that 15 of 22 companies receiving government deep-tech funding have investment ties to the selection committee members. While committee members deny impropriety and claim they recused themselves from conflicted decisions, the findings raise significant questions regarding transparency and conflict of interest.
Why it matters
This highlights potential systemic corruption in public fund allocation, impacting the integrity of government-backed innovation initiatives.
A new public fund to boost India’s deep-tech ambitions in the private sector has approved, in its first round, Rs 2,192 crore in soft loans to 22 private companies at the cutting edge of space science, energy tech and pharma, among others. These companies were chosen from 124 applicants by a 12-member panel, including 11 established names in private equity and technology, and a non-voting government representative. The credentials of each company are well-established. There’s one question mark, though. An investigation by The Indian Express has found that of the 22 recipients of public money, 15 have investment ties to seven members of the selection committee, raising questions of conflict of interest and propriety. These together got over Rs 1,377 crore.
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