An innovation fund that aims at helping people at the lower rung is expected to be operational by July, Advisor to Prime Minister on Public Information Infrastructure and Innovations Sam Pitroda said today.

"We will start fund as soon as we have Rs 500 crore.

Government has committed Rs 100 crore for this fund which we expect to get in upcoming Budget Session and we have oral commitments for rest of Rs 400 crore," Pitroda told reporters here.

The National Innovation Council (NInC) plans to create India Inclusive Innovation Fund (IIIF) with corpus of Rs 5,000 crore. It will back enterprises in developing innovative solution for people at the 'bottom 500 million' in India.

However, IIIF will operate as a 'for-profit' entity with a focus on social investment.

Pitroda said NInC is forming groups that will also reach out and connect with people at lower level in the society. Pitroda said 21 states have created innovation council in their states.

Last week, NInC decided to create Sectoral Innovation Councils (SIC) that will be autonomous and decentralised bodies focused on preparing roadmap for a decade of innovations in across sectors. Secretaries at the respective Ministries will be given responsibility to take the lead in setting up SIC.