The government Wednesday said that it will set-up a dedicated fund, called the India Inclusive Innovation Fund, for promoting grassroot 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," Minister of State (Independent Charge) for Micro, Small and Medium Enterprises K.H.Muniyappa said in the Rajya Sabha Wednesday.
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.