The Union government is likely to set up a Rs 5,500-crore Indian Inclusive Innovation Fund (IIIF). Media reports say that the Union Cabinet is likely to take up a proposal in this regard. The fund will be under the Ministry of Micro, Small and Medium Enterprises (MSME).
The Planning Commission wanted the fund to be set up under the Department of Science and Technology, not MSME. Now the issue had been resolved and the MSME has floated a Cabinet note in this regard. The fund proposes to invest in a new generation of Indian entrepreneurs who are either building or will build world-class enterprises that focus on the problems of the poor, without compromising on economic success. It will operate as a for-profit entity, with a focus on social investment. Earlier, then finance minister Pranab Mukherjee had sanctioned initial seed capital of Rs 100 crore for the fund.
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