Akhilesh government to set up Rs 50-crore innovation fund

The Akhilesh government in Uttar Pradesh has decided to set up an innovation fund worth Rs 50 crore, aimed at promoting inventions in the fields of governance, service delivery, natural resource management, tourism, social sector, education and health, said the UP government spokesperson.

It will provide angel investment to ideas with potential in these areas. An initial fiscal arrangement of Rs 50 crore had been made in this financial year.

While the Science and Technology Council and the Dr APJ Abdul Kalam Technical University will have the power to sanction up to Rs 10 lakh towards an innovation proposal, higher amounts will be sanctioned by the State Innovation Cell, through the state innovation council.

Besides, the government has also decided that under its new development agenda of 2015-16, the unorganised sector would be included under the innovation fund. The State Innovation Council will also be revived as a part of this initiative.

The state has further cleared a proposal to set up a state bio-energy board for timely implementation of projects and programmes. The government has exempted biomass-biogas operated engine and generating sets and their parts, and also brushes used for paint or varnish from Value Added Tax.

The Akhilesh government has decided to implement the provisions of National Food Security Act simultaneously across UP. For this, the government will make a budgetary provision in the financial year of 2016-17. Nearly 75 per cent population of the state was to be covered under the Act, which includes 79.56 per cent rural and 64.43 per cent urban populace.

A State Food Commission to hear pleas against district grievance redressal officer has also been set up.