The approval of the National Research Foundation Bill, 2023, by the Union Cabinet is good news as itpaves the way for the much-awaited National Research Foundation (NRF) envisaged in the National Education Policy, 2020. Earmarking a whopping amount of Rs. 50,000 crore for a period of five years from 2023 to 2028 for the establishment and functioning of the NRF demonstrates the government’s priorities in creating a new research ecosystem in the country. Universities grooming a pool of committed and dedicated researchers will be critical to the judicious utilization of this fund towards making the country self-reliant through path-breaking research work and the granting of more patents. The NRF will seed, grow, and promote Research and Development (R&D) and foster a culture of research and innovation throughout India’s universities, colleges, research institutions, and R&D laboratories. According to the official announcement, it will be mandated to forge collaborations among industry, academia, and government departments and research institutions and create an interface mechanism for the participation and contribution of industries and State governments in addition to the scientific and line ministries. The NRF is also proposed to be mandated to focus on creating a policy framework and putting in place regulatory processes that can encourage collaboration and increased spending by the industry on R&D. The NEP, 2020, envisages restructuring higher education and places emphasis on transforming universities into multidisciplinary institutions of higher learning that offer undergraduate and graduate programmes with high-quality teaching, research, and community engagement. Under NEP, there will be three types of institutions for higher education: research-intensive universities that place equal emphasis on teaching and research; teaching-intensive universities that place greater emphasis on teaching but still conduct significant research; and autonomous degree colleges that grant undergraduate degrees and are primarily focused on undergraduate teaching. One advantage of establishment of NRF will be preventing overlapping and duplicity of research work. This will help unlock the potential of undertaking research work in areas that are important for accelerating growth and development but have been long neglected. Research is the foundation of building a self-reliant India. Through breakthroughs in scientific research work and the invention of new technology, innovation can help reduce India’s import dependency for technological advancement and technology application to boost domestic production. The fact that there are only 252 researchers per one million population in India compared to 1370 in China, and against five lakh patents awarded in China, only 23,000 are granted annually in India, are pointers to the huge task cut out for NRF. India’s import dependency on herbal medicines despite the abundance of medicinal plants in two biodiversity hotspots—the Northeast region and the Western Ghats—is a paradox, but quality research can help the country turn the table. According to industry estimates, India exports medicinal herbs to 164 countries, with China being one of the top importers. It imports most of its herbal medicines from the United States, China, and Sri Lanka. Besides, India imports 66% of Active Pharmaceutical Ingredients (APIs), which are required for the manufacturing of antibiotics and other essential drugs, which explains the high and spiralling cost of essential drugs due to rising import costs. The establishment of 35 plants under the Production-Linked Incentive Scheme for Manufacturing API is a significant step towards reducing import dependency. The pharmaceutical industry’s increased research grants to universities and R&D laboratories under the guidance of the NRF can boost industrial production of APIs. Universities and R&D laboratories playing an active role in indentifying research topics in tune with national and state goals and industry requirements, apart from advancing knowledge in related fields, will help NRF ensure an equitable distribution of available funds for research. Agricultural equipment plays a crucial role in increasing productivity and boosting production, but its high upfront cost makes it difficult for average farmers to procure it without subsidies given by the central and State governments under various schemes. During 2014–15 to 2022–23, the government provided 13.88 lakh agricultural machines and equipment to farmers on a subsidy basis, and the total allocation for farm mechanisation in this period was to the tune of over Rs 5,400 crore. While India is the largest exporter of tractors in the world, it is the third largest importer of agricultural equipment and imports most of its agricultural equipment, such as seeders, planters, and transplanters. It is also a net importer of combine harvesters, even though it exports combine harvesters to several countries. R&D in agriculture getting a boost under NRF will be vital for addressing issues of climate change impact on the farm sector, while research and innovation in farm equipment will go a long way in achieving self-reliance in the manufacturing of all kinds of agricultural equipment. Collaboration between academia and industry under the prevailing research ecosystem has mostly remained limited to technological institutions. In order to tap industry funds, universities must encourage new research fields and build capacities accordingly.