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NEW DELHI: In a move to support and spur new innovations for various industry segments in the country, the National Innovation Council would set up a venture fund of around $1 billion, said an official Thursday.
"We will establish a venture fund to support innovations and innovative ventures in the country. The fund's size would be something in the range of $1 billion," Sam Pitroda, adviser to the prime minister on public information infrastructure and head of National Innovation Council.
According to Pitroda, the modalities for setting up the fund would be completed in the coming few months, while selection of innovative ventures, which will receive financial support under the programme, may take some more time to materialise.
"The fund's exact size and other procedures for selection of ventures and innovations would be completed in a few months' time," Pitroda said on the sidelines of an event at the French embassy here.
Pitroda said that the government's plan for setting up 40 innovation clusters, to spur research and new models for various industries in the country, was on track.
"To spur innovation in the country, we need various things to be in place like the venture fund which would support new innovative models developed from the 40 innovative council for various industries," he said. |
