India To Launch $1B Innovation Fund By June-July
Monday, January 16, 2012
India plans to launch a $1 billion fund by June-July, with an initial capital of Rs 5 billion, to invest in innovations that can generate services and products to uplift the poor, a top government official told reporters on Monday.
“We need to provide money to those who have ideas but no seed capital,” Sam Pitroda, adviser to prime minister on public information, infrastructure and innovation, said on the sidelines of an industry event.
The fund, named India Inclusive Innovation Fund, will invest in sectors such as agriculture, water, energy and healthcare, Pitroda said, after delivering the keynote address at Grid Week Asia Summit, organised by Indian Electrical & Electronics Manufacturers’ Association.
“It will have an initial investment, seed capital from the government. The finance ministry has already talked about allocating 100 crore (Rs 1 billion).”
The fund intends to raise Rs 5 billion in its first phase.
