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बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
India Inclusive Innovation Fund launched
Jan 28, 2014

Lack of Capital is one of the major reasons why ventures and entrepreneurs seeking to address the needs at the base of the economic pyramid have failed to take off. Thus the National Innovation Council (NInC) and the Ministry of Micro, Small and Medium Enterprises (MSME) jointly announced the creation of the India Inclusive Innovation Fund (IIIF), the Programme which is first of its kind in the country.  IIIF approved by the Union Cabinet seeks to combine innovation and the dynamism of enterprise to solve the problems of citizens at the base of the economic pyramid in India. 

The Fund will be registered under SEBI’s Alternative Investment Fund Category I guidelines with an initial corpus of Rs. 500 crores, with the Ministry of MSME committing to 20% (Rs 100 crores) and the balance being given by Banks, insurance companies, overseas financial and development institutions. The Fund will endeavour to provide modest financial returns, while ensuring significant social impact to the community. The Fund’s eventual aim is to expand the corpus to Rs. 5,000 crores over the next 24 months. 

The Fund will invest in innovative ventures that are scalable, sustainable and therefore profitable but address social needs of our less privileged citizens in areas such as healthcare, food, nutrition, agriculture, education / skill development, energy, financial inclusion, water, sanitation, employment generation, etc. 

The IIIF will also partner the entire ecosystem in this space, including incubators, angel groups, and also public R&D programmes and laboratories to support the commercialisation and deployment of socially relevant innovative technologies and solutions. 

The Government will not be involved in the day to day operations of the Fund, which will be entrusted to an Asset Management Company (AMC), set up as a Section 25 not for profit company. The AMC will appoint a professional management team for this purpose as also an Investment Committee comprising professionals of repute, which will take all investment / divestment decisions. The AMC will also build a mentoring network, enable incubation and provide training and skills development programmes to entrepreneurs and IIIF assisted companies. 


 


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