Govt sets up fund for units that support the needy

New Delhi, Apr 26 (KNN) The Government has set up an innovation fund to encourage enterprises that provide poor people with access to basic services.

“The India Inclusive Innovation Fund would back enterprises developing innovative solutions primarily for citizens who lie in the low half of India’s economic pyramid, with limited physical and institutional access to basic services. 

“This fund would operate as a for-profit entity with a social investment focus,” said Minister of State for Finance, Namo Narain Meena.

The move follows a proposal from Ministry of Micro, Small and Medium Enterprises (MSME) and National Innovation Council to set up a dedicated fund in the name of ‘India Inclusive Innovation Fund’ for promoting grass root innovations with social returns as well as modest economic returns. (KNN)