India Inclusive Innovation Fund proposal gets cabinet nod

NEW DELHI, INDIA: The ministry of Micro Small and Medium Enterprises has proposed to set up a dedicated fund in the name of ‘India Inclusive Innovation Fund' for promoting grass-root innovations with social returns as well as modest economic returns. The cabinet has approved the proposal.

This information was given by the Minister of State for Micro, Small and Medium Enterprises, K. H. Muniyappa in a written reply to a question in the Lok Sabha.

This fund would operate as a for-profit entity with a social investment focus and 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.

The total corpus of this fund is proposed to be an intitial minimum size of Rs. 500 crore and maximum size of Rs.5,000 crores with initial Goverrnment of India contribution of Rs. 100 crore.