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TMI BlogInnovation Fund for Inclusive Economic GrowthX X X X Extracts X X X X X X X X Extracts X X X X ..... Innovation Fund for Inclusive Economic Growth - News and Press Release Dated:- 6-12-2012 - News - Press Information Bureau Government of India Ministry of Finance 06-December-2012 17:41 IST The Government proposes to set aside an Innovation Fund for inclusive economic growth. The fund is to be targeted at the bottom of socio-economic pyramid, and directed at benefitting India s c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommon citizen, particularly in rural areas who do not have all basic services. The fund will help innovative Indian enterprises in developing innovative solutions to meet the development challenges. The fund shall have minimum size of Rs. 500 crore which can be scaled upto Rs. 5000 crore. Government of India would contribute Rs. 100 crore initially. Government of Indian would contribute Rs. 100 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore. Balance would be from scheduled banks, insurance companies, financial institutions, corporates, High Net-worth Individuals (HNIs) as well as bilateral/multilateral institutions. Ministry of Micro, Small Medium Enterprises (MSME) shall create a trust called the National Innovation Fund Trust, which shall release funds for the above purpose as well as receive back the funds/returns from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he above investment. This was stated by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today. * * * DSM/RS/bs - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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