Part of the initiative would have scientists contribute to the modernization of the country's military and "increase Russia's defense capabilities," Putin told a meeting at the Russian Academy of Sciences Tuesday.
He did not provide a time frame for when the funding would be increased, RIA Novosti reported.
"We intend to actively involve research organizations and universities ... in our plans to modernize the military," Putin said.
He criticized "those who sponge off science" and said tougher measures against the "discreditation" of the research community were called for.
Russia needed "a system of long-term scientific, technological and defense forecasting," Putin said.
"The world has entered a period of global turbulence, new geopolitical centers are being formed, social and demographic trends are changing," he said. "All of these processes need a very in-depth examination."