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The Centre is considering expanding its India Inclusive Innovation Fund corpus and mandate, aimed at promoting grassroot level innovations to deliver social and economic returns, R. Mashelkar, Chairman of National Innovation Foundation-India, said.
“The new government has committed to increase the fund and has made provisions in the Budget. I hope that it will be implemented soon,” he told reporters at LV Prasad Eye Institute, where here delivered his address.
The India Inclusive Innovation Fund has a corpus of Rs 500 crore and invests in sectors such as healthcare, water, energy and agriculture.
Delivering his keynote address at the LV Prasad Eye Institute, Mashelkar said one word that he absolutely disliked was ‘Jugaad’, a term applied to a creative or innovative idea providing a quick and alternative way of solving or fixing a problem.
“Jugaad has created a wrong image for India. It's about getting less from less. What we need is getting more for less, which is possible through affordable excellence,” he said.
Mashelkar said 'Affordable excellence' is the buzz word now and is catching fire across the world.
The Srujana LVPEI’s Innovation Centre inaugurated ReDx: Engineering the Eye workshop in Hyderabad. Supported by Cyient, formerly Infotech Enterprises Limited, the centre has about 100 engineering and design students from all across India, who work on prototypes of their innovations during the week-long workshop.
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