UP constitutes innovation fund with corpus of Rs 50 cr

Funds to be used in the fields of governance, services, natural resources management, social sector, education and health

To boost and reward innovation in public and private sectors, Uttar Pradesh government has decided to set up an Innovation Fund with initial corpus of Rs 50 crore.

The fund would provide financial assistance to innovation and research in the fields of governance, services, natural resources management, social sector, education and health.

The decision was taken yesterday at the UP cabinet meeting chaired by chief minister Akhilesh Yadav here.

The innovation fund would support new projects aimed at improving productivity, simplification of work culture, improving technologies related to micro, small and medium enterprises (MSME), enhancing transparency and accountability, disaster management, making services consumer friendly and improving quality in different sectors.

For the current financial year 2015-16, the fund would be provided Rs 50 crore and the corpus would be increased in future depending on the need.

Under UP development agenda 2015-16, it has been decided to include both public administration and the unorganised sector in supporting innovation.

To encourage innovation and accelerate inclusive development, a high level State Innovation Council would also be reconstituted. An Innovation Cell would be formed in the state planning department to facilitate release of funds under the innovation council and innovation fund. The Cell would function as the secretariat for the council.

UP Science and Technology Council and UP A P J Abdul Kalam Technical University would be authorised to sanction projects worth Rs 10 lakh under the innovation fund.

Projects worth over Rs 10 lakh would have to get clearance from the innovation council, as per the state cabinet decision.

The government is of the opinion that innovation is not the preserve of technology and could happen at the level of general public as well and the innovation fund would support such projects.