The government announced that that it will set-up a dedicated fund – the India Inclusive Innovation Fund – for promoting grass root innovations coupled with social and economic returns.
The government announced that that it will set-up a dedicated fund – the India Inclusive Innovation Fund – for promoting grass root innovations coupled with social and economic returns.
KH Muniyappa, Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, said in the Rajya Sabha, "The India Inclusive Innovation Fund would back enterprises developing innovative solutions primarily for citizens who lie in the lower half of India's economic pyramid, with limited physical and institutional access to basic services."
According to him, the minimum total corpus of this fund is proposed to be of Rs500 crore, while maximum size is slated to be of Rs 5,000 crore with an initial government contribution of about Rs100 crore.
Earlier, the union cabinet had given its approval for setting up of the fund.
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