India to launch $1-bn innovation fund by June-July
17 Jan 2012
India intends to launch a $1-billion 'India Inclusive Innovation Fund' (IIIF) by June-July to invest in companies that bring out innovative solutions for the poor in the country.
The fund, which will have an initial corpus of Rs500 crore, will invest in sectors such as agriculture, water, energy and healthcare.
"We are launching a billion-dollar fund on innovation. This is to provide money to those who have ideas but no seed capital... The fund will invest in companies that will focus on the problems of the poor, without compromising on economic success," Sam Pitroda, adviser to prime minister on public information, infrastructure and innovation, said.
IIIF has already received commitment of Rs 100 crore from the government, Pitroda, who was in Mumbai to deliver keynote address at an Grid Week Asia Summit, said.
In November 2011, Finance Minister Pranab Mukherjee said that the government will provide Rs100 crore as seed money for for the fund.
Grid Week Asia Summit, an industry summit, was organised by Indian Electrical & Electronics Manufacturers' Association (IEEMA).
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