NIC and Union Ministry of MSME launched India Inclusive Innovation Fund

The National Innovation Council and the Ministry of Micro, Small and Medium Enterprises (MSME) have jointly announced the creation of the India Inclusive Innovation Fund (IIIF). Approved by the Union Cabinet, the fund was conceived as a unique concept that seeks to combine innovation and the dynamism of enterprise to solve the problems of citizens at the base of the economic pyramid in India.

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The initial corpus of fund is 500 crore rupees with the Union Ministry of MSME committing 20 percent and rest would be given by banks, insurance companies, overseas financial and development institutions. The Fund's eventual aim is to expand the corpus to 5000 crore rupees in next two years.