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Corporate Affairs Ministry plans Innovation Ecosystem Centre

Looking to provide a platform for innovative ideas, the Union Ministry of Corporate Affairs (MCA) plans to soon set up an Innovation Ecosystem Centre. Discussions are on within the ministry for the proposed centre, which would primarily focus on fostering innovation in the country.

The centre, which is to be headed by the corporate affairs secretary, is expected to be ready by June this year, according to a source. In this regard, the corporate affairs ministry would soon develop an innovation framework that would, among others, consider various economic and growth aspects.

Though the finer details are being worked out, the centre is expected to be fully operational by end of March next year. Besides the secretary, heads of affiliated organisations of the MCA would be members in the centre.

Experts from diverse fields would also be roped in to strengthen the entity's efforts to promote innovative ideas and initiatives, as per the source. The idea of an Innovation Ecosystem Centre comes at a time when the government is working on ways to improve the overall business climate and boost the economic growth.

While the high-level panel, headed by former Sebi chief M Damodaran, is working on ways to improve the country's business climate, the ministry is looking into the idea of developing a business confidence index.
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