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The National Innovation Council (NInC) and the Ministry of Micro, Small and Medium Enterprises on Monday announced the creation of the India Inclusive Innovation Fund. The fund seeks to combine innovation and the dynamism of enterprise to solve the problems of citizens at the bottom of the economic pyramid in India. The fund, launched by Sam Pitroda, head of the NInC, is an autonomous ₹500-crore fund, with the Union Government contributing 20 per cent. The balance will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral development agencies, Indian & global corporates, said a presentation by NInC. The fund’s life is for nine years, extendable by up to two years (subject to approval of contributors) and it will focus on healthcare, food and nutrition, agriculture, education, energy, financial inclusion, environment, technology as an enabler, among others.
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