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UP govt to set up innovation fund of Rs 50 crore

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The Uttar Pradesh government on Monday announced the setting up of an innovation fund worth Rs 50 crore, a state food commission as well as a bio-energy development board.

Chief minister Akhilesh Yadav, who chaired the first meeting of the cabinet today after its expansion on October 31, announced a slew of measures aimed at building a sound infrastructure in the state.

In order to promote innovation, the government has decided to set up a State Innovation Fund for which initial fiscal arrangement of Rs 50 crore has been made in the current financial year, an official spokesman said.

Under the development agenda of 2015-16, it has been decided to also include the unorganised sector in it and reorganise the State Innovation Council, he said.

An Innovation Cell would be set up to assist in operation of the Council and the Fund.

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