Centre to expand India Inclusive Innovation Fund to $1 bn

At present, the fund was restricted to Rs 500 crore

The central government is looking at expanding its India Inclusive Innovation Fund, aimed at promoting grass-root innovations to deliver modest social and economic returns, to $1 billion, according to Raghunath Mashelkar, chairman of National Innovation Foundation-India.

“The new government that has come in, has committed to increase the fund and, in fact, has made a provision towards this in the new Budget. It has progressed in completing the process and I hope that it will be implemented soon,” he told mediapersons on the sidelines of an event held in Hyderabad on Sunday.

At present, the India Inclusive Innovation Fund is restricted to Rs 500 crore. It invests in sectors like healthcare, water, energy and agriculture.

Earlier, delivering his keynote address at the LV Prasad Eye Institute (LVPEI), Mashelkar said the one word that he absolutely disliked was ‘Jugaad’ (a term applied to a creative or innovative idea providing a quick and alternative way of solving or fixing a problem).

“Jugaad has created a wrong image for India. It is about getting less from less. What we need is getting more for less, which is possible through affordable excellence,” he said.

LVPEI’s Innovation Centre-Srujana on Sunday inaugurated ReDx: Engineering the Eye workshop here. The centre was funded through the support of Cyient (formerly Infotech Enterprises Limited). About 100 engineering and design students from all across India will work on prototypes for their innovations at the week-long workshop.