Greater Noida: India plans to set up a dedicated Rs 5,000-crore fund to boost scientific innovations that can improve the life of the common man.
The Union Government will initially contribute Rs 100 crore to this fund – to be called India Inclusive Innovation Fund, Finance Minister P. Chidambaram said here on Thursday.
He was speaking at a seminar on “innovation for inclusion” at the 46th Annual meeting of the Board of Governors of Asian Development Bank.
Chidambaram’s speech was read in absentia by Economic Affairs Secretary Arvind Mayaram.
The remaining amount to the fund will come from scheduled banks, insurance companies, corporates and high networth individuals as well as bilateral and multilateral institutions, Chidambaram said.
The proposal for this fund came from the National Innovation Council.
Chidambaram said that the inclusive innovation fund was built on the principle that innovative enterprises can profitably, with scalability, and competitively engage citizens at the lower strata of the economic pyramid.
In doing so, goods and services could be provided that could transform their lives, he said.
India and several other emerging economies need Innovation for inclusion to raise the living standards of people.
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