India Inclusive Innovation Fund to be launched soon
Updated: Nov 20, 2013 12:53:22pm
New Delhi, Nov 20 (KNN) The National Innovation Council is the final stages of launching the India Inclusive Innovation Fund (IIIF) in collaboration with the Ministry to Micro, Small and Medium Enterprises.
“This fund is the first of its kind in the world that will back creative new solutions to developmental challenges - projects that improve quality of life for the poor. Many innovative ideas suffer due to lack of funding options. This fund, through appropriate structure, will ensure that this does not happen in India anymore,” said President of India Pranab Mukherjee.
The President received the National Innovation Council’s Report to the People 2013 at the Rashtrapati Bhavan here yesterday.
Speaking on the occasion, the President stated that the country has an estimated 5,000 small and medium scale regional industry clusters and 85,000 MSME units which employ over 10 lakh people. However, these units, he said have not been functioning at the optimal level.
“I am told that the National Innovation Council has been working towards the creation of an ecosystem for seeding innovations in these small and medium enterprises, by facilitating the creation of Innovation Clusters to drive job creation and productivity,” he said.
He was pleased to learn that National Innovation Council has piloted the Innovation Cluster models in 7 Micro, Small and Medium Enterprise (MSME) clusters in the past 24 months.
“By successfully demonstrating 10 new products, 12 new processes and 2 new centres, the MSME cluster pilots have opened the doors for positive impact in these units benefitting over a million employees,” he said.
The pilot initiative was made through minimal incremental investments made by the stakeholders. It is likely to open up a new window of opportunity for Small and Medium Enterprises to compete and grow using low cost solutions.
The President also said that knowledge and innovation were the twin pillars around which nations will compete, grow and prosper in the 21st Century.
“Strengthening the country’s knowledge and innovation ecosystem is critical to ensure a brighter future for our young and to enhance competitive advantage in an increasingly globalised world,” he said.
He said the only way the country can leapfrog to a status of a developed nation is by using innovation as a ladder.
Further, applying the lens of innovation to these critical-needs sectors, he said, can not only generate new solutions to solve old problems, but also enable the development process to become more inclusive by serving a large section of underserved populations at the bottom of economic pyramid.
On engaging youth, innovating in the areas of education, skill development, and entrepreneurship can enable our youth emerge as the work force not only for India, but also for the world, as working age populations decline globally, he said.
The President said we are in the midst of exciting times as we have access to new tools, technology and connectivity and these platforms can ignite innovation like never before.
He said new tools and platforms will have a massive impact on organisational structures, delivery models and business processes, where innovation will be critical.
“We as a nation must be ready for this new wave of innovations. Indian approach of inclusive innovation can emerge as a model for sustainable development for the world to emulate,” he added.
The National Innovation Council was constituted by the Prime Minister to realise the vision of the Government of making this decade as India's ‘Decade of Innovation’. Over the last three years, the Council has been undertaking various initiatives towards creating a Roadmap for Innovation in the country.
Other dignitaries present on the occasion were Minister of Rural Development, Jairam Ramesh, Chairman, National Innovation Council, Sam Pitroda and delegates of the Third Global Innovation Round Table. (KNN /ES)
“This fund is the first of its kind in the world that will back creative new solutions to developmental challenges - projects that improve quality of life for the poor. Many innovative ideas suffer due to lack of funding options. This fund, through appropriate structure, will ensure that this does not happen in India anymore,” said President of India Pranab Mukherjee.
The President received the National Innovation Council’s Report to the People 2013 at the Rashtrapati Bhavan here yesterday.
Speaking on the occasion, the President stated that the country has an estimated 5,000 small and medium scale regional industry clusters and 85,000 MSME units which employ over 10 lakh people. However, these units, he said have not been functioning at the optimal level.
“I am told that the National Innovation Council has been working towards the creation of an ecosystem for seeding innovations in these small and medium enterprises, by facilitating the creation of Innovation Clusters to drive job creation and productivity,” he said.
He was pleased to learn that National Innovation Council has piloted the Innovation Cluster models in 7 Micro, Small and Medium Enterprise (MSME) clusters in the past 24 months.
“By successfully demonstrating 10 new products, 12 new processes and 2 new centres, the MSME cluster pilots have opened the doors for positive impact in these units benefitting over a million employees,” he said.
The pilot initiative was made through minimal incremental investments made by the stakeholders. It is likely to open up a new window of opportunity for Small and Medium Enterprises to compete and grow using low cost solutions.
The President also said that knowledge and innovation were the twin pillars around which nations will compete, grow and prosper in the 21st Century.
“Strengthening the country’s knowledge and innovation ecosystem is critical to ensure a brighter future for our young and to enhance competitive advantage in an increasingly globalised world,” he said.
He said the only way the country can leapfrog to a status of a developed nation is by using innovation as a ladder.
Further, applying the lens of innovation to these critical-needs sectors, he said, can not only generate new solutions to solve old problems, but also enable the development process to become more inclusive by serving a large section of underserved populations at the bottom of economic pyramid.
On engaging youth, innovating in the areas of education, skill development, and entrepreneurship can enable our youth emerge as the work force not only for India, but also for the world, as working age populations decline globally, he said.
The President said we are in the midst of exciting times as we have access to new tools, technology and connectivity and these platforms can ignite innovation like never before.
He said new tools and platforms will have a massive impact on organisational structures, delivery models and business processes, where innovation will be critical.
“We as a nation must be ready for this new wave of innovations. Indian approach of inclusive innovation can emerge as a model for sustainable development for the world to emulate,” he added.
The National Innovation Council was constituted by the Prime Minister to realise the vision of the Government of making this decade as India's ‘Decade of Innovation’. Over the last three years, the Council has been undertaking various initiatives towards creating a Roadmap for Innovation in the country.
Other dignitaries present on the occasion were Minister of Rural Development, Jairam Ramesh, Chairman, National Innovation Council, Sam Pitroda and delegates of the Third Global Innovation Round Table. (KNN /ES)
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