Panel to look into venture capital, tech innovations

The Planning Commission has set up a committee on technological innovation and venture capital to examine "technological dynamism" in various sectors.

The committee will look at the relationship between research, entrepreneurship and financial markets. It will submit a report by December 31.

The committee, to be chaired by Nitin Desai, will also examine the policy environment for venture capital and make recommendations, which will lead to basic industrial research and development being converted into new ventures.

It will also suggest policy changes to encourage the flow of venture capital for facilitating start-ups, said a Planning Commission statement.

"Basically, the panel's objective is to look at ways to enhance the flow of venture capital from domestic sources to innovators who need small amounts of capital," said an official.

Other members of the committee include Nandan Nilekani, president and managing director of Infosys, Rajiv Lall, managing director and CEO of IDFC and Saurabh Srivastava, executive chairman, Xansa Outsourcing and Technology, and NL Sarda of IIT-Mumbai.

Shravan Nigam, adviser, Planning Commission, will be the member-secretary.