The National Innovation Council (NInC) under the Chairmanship of Mr. Sam Pitroda to discuss, analyse and help implement strategies for inclusive innovation in India and prepare a Roadmap for Innovation 2010-2020.
NInC would be the first step in creating a crosscutting system which will provide mutually reinforcing policies, recommendations and methodologies to implement and boost innovation performance in the country.
The tasks of the National Innovation Council include:
(1) Formulating a Roadmap for Innovation for 2010-2020
(2) Creating a framework for:
• Evolving an Indian model of innovation, with focus on inclusive growth
• Delineating policy initiatives within the Government, required to spur innovation
• Developing and championing innovation attitudes and approaches
• Creating appropriate eco-systems and environment to foster inclusive innovation
• Exploring new strategies and alternatives for innovations and collaborations
• Identifying ways and means to scale and sustain innovations
• Encouraging Central and State Governments to innovate
• Encouraging universities and R&D institutions to innovate
• Facilitating innovations by SMEs
• Encouraging all important sectors of the economy to innovate
• Encouraging innovation in public service delivery
• Encouraging multi-disciplinary and globally competitive approaches for innovations
The Ministry of Micro, Small and Medium Enterprises (MSME), on the advice of the erstwhile National Innovation Council, proposed to set up a Rs.5,000 crore dedicated fund namely ‘India Inclusive Innovation Fund’ for promoting grass-root innovations with social returns. The total corpus of this fund is proposed to be an initial size of Rs. 500 crore and maximum size of Rs. 5,000 crore with initial Government contribution of Rs.100.00 Crore. Since National Innovation Council has ceased to exist, a revision in the three level of Management structure has been proposed.
The Fund would operate as a for-profit entity with a social investment focus. The exact extent to which the India Inclusive Innovation Fund is likely to benefit the MSME Sector has not been estimated, however it is proposed to back enterprises developing innovative solutions primarily for citizens who lie in the lower half of India’s economic pyramid, with a limited physical and institutional access to basic services.