Government to Launch Rs. 500 cr. Innovation Fund

To provide capital for innovation directed at the bottom of the economic pyramid in India, the Union Cabinet approved the creation of India Inclusive Innovation Fund (IIIF). The fund has been conceived and architected by National Innovation Council (NInC) which has in turn allied with MSME (Ministry of Micro, Small and Medium Enterprises) to bring in 20 percent of the corpus.

IIIF will be registered under SEBI with an initial corpus of Rs. 500 crores. The Fund's eventual aim is to expand the corpus to Rs. 5000 crores over the next two years. The fund seeks to create a new class of capital which helps set up and scale entrepreneurial skills and innovation which address the needs of the people at the base of the economic pyramid. The idea is to invest in innovative ventures that are scalable, sustainable, and profitable. Focus areas include healthcare, food, nutrition, education, and financial inclusion amongst others.