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India to launch $1 bn innovation fund by June-July

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India to launch $1 bn innovation fund by June-July

MUMBAI: India plans to launch a $1 billion fund by June-July, with an initial capital of Rs 5 billion, to invest in innovations that can generate services and products to uplift the poor, a top government official told reporters on Monday.

"We need to provide money to those who have ideas but no seed capital," Sam Pitroda, adviser to prime minister on public information, infrastructure and innovation, said on the sidelines of an industry event, according to a report in The Times of India. >>More here

SOURCE: indiatimes.com

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