Rai is a recognised technologist, ex-navy officer and national innovation leader with about 30 years of experience in defensive systems, maritime engineering, advanced technology development and entrepreneurship driven national programs. He is recognised as both a Chartered Engineer and a Fellow of the Institution of Engineers (India). He has held top positions in the Indian Navy worked as a Scientist 'F' in the Technology Development Board of the Department of Science and Technology and collaborated with worldwide original equipment manufacturers.

Ajay Jain, Chairman of IIM Calcutta Innovation Park welcomed the appointment, saying that Rai's experience which includes defence technology, important government roles and strong involvement in startup innovation, qualifies him as an ideal leader for IIMCIP at this moment.  His experience is strongly aligned with the institute's objective of building an innovative, globally competitive economy. It gives me immense pride to lead IIMCIP at a time when India is witnessing rapid expansion as the fourth-largest economy in the world and as the third-largest ecosystem globally for startups. V. K. Rai stated that innovation and entrepreneurship are key to the nation's aim for Viksit Bharat 2047.