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2013-01-08

NIC to launch Rs 5,000-cr fund for small enterprises

National Innovation Council (NIC) on Monday announced that it would launch its Rs 5,000-crore venture fund aimed at supporting small enterprises by March.

NIC to launch Rs 5,000-cr fund for small enterprises

National Innovation Council (NIC) on Monday announced that it would launch its Rs 5,000-crore venture fund aimed at supporting small enterprises by March.

Addressing a CII conference on design through a video link, Sam Pitroda, Chairman, NIC said, "We are creating Rs 5,000-crore venture fund that will be operational by the end of March. We have already spent a year-and-a-half structuring, working on it and getting government approvals."

The fund, which has got a seed money commitment from the government, will work on a commercial basis like any other fund but support enterprises that drive change at the bottom of the economic pyramid, said Pitroda who is also the advisor to the PM on public information infrastructure and innovation.

Although the government is providing the seed capital, some banks have already committed money for the fund, and eventually, we will also see private capital flowing into the corpus, he further said.

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