NIC to launch Rs 5,000 cr VC fund for innovation: Pitroda

"We hope many more can join us in this effort of creating risk capital that is badly needed. We don't have that tradition (of investing at the more risky stage) here yet as well as in some other parts of the world," Pitroda added.

Listing the contours of the innovation drive, Pitroda said apart from the NIC, as many as 25 states have already formed state-level innovation councils and the joint work will eventually be complimented by 70 sectoral councils, of which 30 are already working.

Additionally, the NIC is also taking a cluster-driven approach to innovation, targeting one cluster after another. It has seven such councils working in diverse areas like brassware, already operational, and is looking to expand to 100 clusters in the next 18 months, he said.

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