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2013-04-15

India Innovation Fund for MSMEs to be available by June

The proposed Rs 5,500-crore India Inclusive Innovation Fund, focusing on generating employment and supporting livelihoods across the country through innovative enterprises, is expected to be in place by June.

The proposed Rs 5,500-crore India Inclusive Innovation Fund, focusing on generating employment and supporting livelihoods across the country through innovative enterprises, is expected to be in place by June.

The Ministry of Micro, Small and Medium Enterprises (MSME) is working on the fund, which will help Indian enterprises in building innovative solutions for developmental challenges.

The MSME has taken the initiative in consultation with the National Innovation Council to set up the fund.

The fund would promote innovation, which is aimed at improving the competitiveness and efficiency of small and medium enterprises.

The fund would be in two phases. The first tranche would have a corpus of Rs 500 crore and in the second phase the amount would be Rs 5,000 crore.

MSMEs face challenges such as lack of access to finance, non-availability of collaterals and delayed realisation of receivables.

There are over 26 million MSMEs in the country that provide employment to around 60 million people.

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