Indian MSMEs to get INR100 crore innovation fund | SupportBiz

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Indian MSMEs to get INR100 crore innovation fund

 
The Ministry of Micro, Small and Medium Enterprises (MSME) is all set to create an innovation fund with an initial contribution of INR100 crore for the MSMEs of the country, reports The Hindu Business Line.

This decision has been taken by the Ministry in consultation with the National Innovation Council (NIC).

The fund, to be called 'India Inclusive Innovation Fund', will promote grass-root innovatiNICons, and help in boosting the efficiency and competitive abilities of MSMEs.

Vayalar Ravi, who has recently taken charge of the MSME Ministry, stated that the scheme was in the stages of approval.

Source: The Hindu Business Line