The National Innovation Council (NIC) Chairman will launch a Rs 5,000-crore venture fund aimed at supporting small enterprises by March.

“We are creating a Rs 5,000-crore venture fund which will be operational by the end of March. We have already spent a year-and-a-half structuring, working on it and getting government approvals,” said Sam Pitroda, chairman of NIC, who is the advisor to the PM on public information infrastructure and innovation.

The fund, which has got a seed money commitment from the government, will work on a commercial basis like any other fund but support enterprises which drive change at the bottom of the economic pyramid, he said.

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