Govt sets up panel to push 'mega innovation' projects

Government has set up a committee to push innovative collaboration joint ventures involving investment of over Rs 2,000 crore with a view to create jobs, promote exports and increase the potential of revenue to the exchequer.

The Empowered Committee for Innovative Collaborations will be headed by NITI Aayog vice-chairman and its members would include Economic Affairs Secretary and Industry Secretary.

Besides, former Cabinet Secretary K M Chandrasekhar and former Central Vigilance Commissioner P Shankar are also members in the committee, an official told PTI.

The committee's mandate would be to fast track innovation joint ventures, involving joint venture of over Rs 2,000 crore.

It, however, will also be taking up projects involving lower investments if substantial social, economic or security benefits are expected, the official added.

Innovation and technology transformation projects, the official said, are needed to ensure that benefits of growth reach poor, farmers and weaker sections.

"The empowered committee for Innovative Collaborations is based on the concept followed in United States and Australia which have created procedures to enable Government to foster and make practical use of innovative ideas and projects," the official said.

The committee, which will meet every fortnight, shall advice the state governments, FIPB and other agencies to convert the concept into a implementable project, the official added.

The committee would evaluate the proposal with regard to its desirability in public interest, having regard to employment generation and revenue generation for Government, import reduction, export promotion and similar social/economic considerations, the official said.