India to get India Inclusive Innovation Fund

A proposal by India's Ministry of Micro, Small and Medium Enterprises (MSME) to set up a dedicated fund to promote grass-root innovations with social returns as well as modest economic returns has been approved by the Cabinet. The information was given by the Union Minister of Micro, Small and Medium Enterprises, Shri Kalraj Mishra, in a written reply to a question in Lok Sabha today.

The for-profit India Inclusive Innovation Fund is expected to 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 proposed size of the fund is a minimum of Rs500 crore and a maximum of Rs5,000 crore. 

Other schemes that the MSME has implemented include the Prime Minister’s Employment Generation Programme (PMEGP), Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme (CLCSS), National Manufacturing Competitiveness Programme, Cluster Development Programme, Marketing Development Assistance, Skill Development Programmes, and International Cooperation Scheme.