Govt. launched "India Inclusive Innovation Fund (I.I.I.F.)"
The National Innovation Council (NIC), in partnership with the Ministry of Micro, Small and Medium Enterprises (MSME), launched the India Inclusive Innovation Fund (IIIF). IIIF is an impact investment fund that will invest in ventures catering to the country’s poor. It is an autonomous Rs. 500-crore fund, with the Union Government contributing 20 %. The balance will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral development agencies, Indian & global corporates.
About India Inclusive Innovation Fund (I.I.I.F.)
- Objective: To expand the corpus to Rs 5,000 crores over the next 24 months and to provide modest financial returns, while ensuring significant social impact to the community.
- Focus on: healthcare, food and nutrition, agriculture, education, energy, financial inclusion, environment, technology as an enable.
- Will be registered under SEBI’s Alternative Investment Fund Category I guidelines with an initial corpus of Rs 500 crore, with the Ministry of MSME committing to 20% (Rs 100 crore) and the balance being given by banks, insurance companies, overseas financial and development institutions.
- Help to create a new class of capital or venture capital to set up and scale entrepreneurial skills and innovation in the firms delivering goods and service to the poorest of the country.
- Combined innovation and the dynamism of enterprise to solve the problems of citizens at the base of the economic pyramid in India.
- The Fund will invest in innovative ventures that are scalable, sustainable and profitable.
- It will address social needs of less privileged citizens in areas viz. healthcare, food, nutrition, agriculture, education / skill development, energy, financial inclusion, water, sanitation, employment generation, etc.
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Month: Current Affairs - January, 2014