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Journalism of Courage
India plans to launch a 1 billion fund by June-July,with an initial capital of Rs 500 crore,to invest in innovations that can generate services and products to uplift the poor. We need to provide money to those who have ideas but no seed capital, Sam Pitroda,adviser to the Prime Minister on Public Information,Infrastructure and Innovation,said on the sidelines of an industry event.
The fund,named India Inclusive Innovation Fund,will invest in sectors such as agriculture,water,energy and healthcare,Pitroda said,after delivering the keynote address at Grid Week Asia Summit,organised by Indian Electrical amp; Electronics Manufacturers Association. It will have an initial investment,seed capital from the government. The finance ministry has already talked about allocating Rs 100 crore.
The fund intends to raise Rs 500 crore in its first phase. Pitroda said he was hopeful the finance minister would give out further details in the Budget for 2012/13. Pitroda did not say when the fund would be scaled up to 1 billion,citing uncertain economic conditions. It will be a private fund,where the government is one of the investors, Pitroda said,adding the governments stake would not be more than 20 per cent.
