Govt to form India Inclusive Innovation Fund: MSME Min

Top Stories

»	RBI holds repo rate at 5.25 pc, maintains neutral instance amid global uncertainty
»	Sensex, Nifty slide 1 pc as Hormuz deadline by US rattles markets
»	Sensex, Nifty extend rally for 3rd day on hopes of US-Iran de-escalation
»	CAIT urges govt to implement credit relief, input cost stabilisation measures amid Iran war
»	RBI MPC meet begins, status quo on policy rate likely amid West Asia tensions

SME Times News Bureau | 19 Dec, 2013
Minister of State (Independent Charge) for Micro, Small and Medium Enterprises K.H.Muniyappa Wednesday said that the government will set-up a dedicated fund, called the India Inclusive Innovation Fund, for promoting grass-root innovations coupled with social and economic returns.

"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," Muniyappa said in the Rajya Sabha.

According to the minister, the minimum total corpus of this fund is proposed to be of Rs.500 crore, while maximum size is slated to be of Rs.5,000 crore with an initial government contribution of about Rs.100 crore.

Earlier, the union cabinet had given its approval for setting up of the fund.