(a) whether the National Innovation Council’s inclusive fund proposes to
support unique/new ideas to bridge the service gap for the marginalized;
(b) if so, the details worked out in this regard so far;
(c) the manner and purpose for which the fund has been utilized since its
inception; and
(d) if so, the details thereof, State-wise?
Minister of State for Finance (Shri Namo Narain Meena)
(a) & (b) The National Innovation Council is establishing the India Inclusive
Innovation Fund (IIIF), as a means of financing ‘inclusive innovation’.
The IIIF will be a venture capital fund, backing innovation focused on the
developmental needs of India’s ‘bottom 500 million’ citizens – in key
developmental sectors where many Indian citizens lack access to basic
services, like education, health, energy, agriculture, water, sanitation,
and so on. In doing so, the IIIF will generate both social and commercial
returns.
(c) & (d) The IIIF will receive seed investment from the Government of India
and remaining capital from other sources (such as public and private sector
organisations, development agencies, etc.). At no point would Government
investment exceed 20 per cent of the total IIIF corpus. The IIIF is aiming
for a first close at Rs 500 crore. Additional scale-up of the IIIF will depend
on how it is able to receive support by institutions in the public and private
sector.