India Inclusive Innovation Fund

The Government has set up an Innovation Fund for inclusive economic growth. National Innovation Council in collaboration with Ministry of Micro, Small and Medium Enterprises (MSME) has proposed to set up a dedicated fund in the name of ‘India Inclusive Innovation Fund’ for promoting grass root innovations with social returns as well as modest economic returns. This fund would, operate as a for-profit entity with a social investment focus. The India Inclusive Innovation Fund would back enterprises developing innovative solutions primarily for citizens who lie in the low half of India’s economic pyramid, with limited physical and institutional access to basic services. At present, the scheme is at the stage of consideration by the Expenditure Finance Committee (EFC).

This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today.

DSM/RS/ka

(Release ID :95159)