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National Innovation Council of India to structure US$ 1 Billion Inclusive Innovation Fund

The National Innovation Council (NInC) – innovationcouncil.gov.in has asked all State Governments to set up State Innovation Councils to drive innovations in their respective states.

NInC has also written to central Government Ministries to set up autonomous Sectoral Innovation Councils, aligned to Ministries, to drive innovations and competitive advantage in multiple sectors. These Councils would aim to co-opt domain experts and other stakeholders to prepare a Roadmap for Innovations for the next decade for identified sectors.

Inclusive Innovation Fund India

In its second meeting here, the Council decided to take Inclusive Innovation Fund to second phase of implementation. Earlier the Council had decided to work towards setting up a preliminary structure of a US $1 Billion Inclusive Innovation Fund, structured as a ‘Fund of Funds’.

The Council also identified 40 industry clusters under the aegis of CII and FICCI where innovation eco-systems will be created to improve the innovation index and competitive advantage. The initial list would include clusters in different regions of the country such as Panipat,  Surat, Ludhiana, Faridabad, Jalandhar,  Pithanpur,  Moradabad,  Gurgaon, Coimbatore, Tirupur, Kochi, Ahmedabad, Bangalore, Kolkata, and Hyderabad.

A decision was also taken at the Council to identify universities in the abovementioned clusters where innovation centres would be created to connect relevant stakeholders and promote innovations. To promote and foster the spirit of innovation in the country, proposals were discussed on creating a Television Reality Show on Innovations, instituting a National Innovation Day and encouraging MPs to drive innovations in their constituencies through awards and incentives.

India – Decade of Innovation – 2010-2020 Map

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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