The National Innovation Council set up for the promotion of new ideas for inclusive development met on 9 Sept 2010 for the first time. In the meeting the body decided to set up Rs 1000 crore corpus fund to encourage innovation. A major share of money for the fund would come from the corporate sector and not the Government. The Union government decided to set up the NIC headed by Sam Pitoda on 16 August 2010. The council is expected to develop a roadmap for innovation for the 2010-2020 period with the focus on inclusive growth.
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