Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
2013-05-03

$1-bn Innovation Fund Announced by Govt

The Indian Government has outlined a plan to set up Rs 5,000 crore (nearly $1 billion) fund to facilitate innovation and entrepreneurship, said the top official.

The Indian Government has outlined a plan to set up Rs 5,000 crore (nearly $1 billion) fund to facilitate innovation and entrepreneurship, said the top official.

The government would initially contribute $20 million (Rs.100 crore) to the India Inclusive Innovation Fund. The remaining amount would come from scheduled banks, insurance companies, financial institutions, corporates, high net worth individuals as well as bilateral and multilateral institutions, said Economic Affairs Secretary Arvind Mayaram.

"This fund would help encourage and finance such products to boost scientific innovations that can improve the life of the common man," Mayaram, said while addressing a seminar on innovation on behalf of Finance Minister P. Chidambaram here.

The seminar was organised by the finance ministry in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI) as part of the 46th annual meeting of the board of governors of the Asian Development Bank.

Mayaram said the National Innovation Council, which is a part of the Planning Commission, has outlined the plan of setting up of the Rs 5,000 crore fund.

The new fund is aimed to drive and catalyze the creation of an ecosystem of enterprise, entrepreneurship, and venture capital, targeted at innovative solutions for the bottom of the pyramid, Mayaram said.

FICCI President Naina Lal Kidwai emphasized on the need for greater collaborations between the government and the private sector to help promote growth and innovation.

"There is a growing conviction that breakthroughs in ideas and technology must be directed to ensuring that people from all social and economic strata, particularly those at the bottom of the pyramid, partake in the growth process," Kidwai said.

Related opportunities
  • Others Food Service
    About Us: XOTIK FRUJUS PRIVATE LIMITED was incorporated on 08th May 2007 under the..
    Locations looking for expansion Maharashtra
    Establishment year 2007
    Franchising Launch Date 2018
    Investment size
    Space required 600
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater Malad east Maharashtra
  • JEI Learning Centers, USA was started in 1992, followed by..
    Locations looking for expansion West Bengal
    Establishment year 2015
    Franchising Launch Date 2015
    Investment size Rs. 10000 - 50 K
    Space required 700 - 1500 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Kolkata West Bengal
  • Juices / Smoothies / Dairy Parlors
    About Us: Introducing a premium quality Italian milkshake and ice cream brand..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Quick Service Restaurants
    About Dumpling MomoPartner with the emerging Tibetan snack brand of..
    Locations looking for expansion West Bengal
    Establishment year 2014
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 100 - 700 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Kolkata West Bengal
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts