Government plans Rs5,000-crore India Inclusive Innovation Fund
15 Nov 2011
The government today announced plans to set up an India Inclusive Innovation Fund (IIIF) with a corpus of Rs5,000 crore, to pioneer India-specific innovation.
Finance minister Pranab Mukherjee announced an initial contribution of Rs100 crore for setting up the India Inclusive Innovation Fund, which would promote new ideas. The fund will become operational after accumulating Rs500 crore, he said.
"With the permission of the prime minister, I propose to make an initial contribution of Rs100 crore to kick-start the India Inclusive Innovation Fund (IIIF), Mukherjee said, adding, ''I expect that IIIF will be a global leader in pioneering low cost innovation."
The finance minister was releasing the first report of the National Innovation Council.
The IIF is part of the National Innovation Council, set up in August last year, to promote new ideas for inclusive development.
Mukherjee, however, said creation of the fund has to be complemented by actions to address the problems of large sections of the society.
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