Minister of State for Finance Jayant Sinha has said that government is planning to create a domestic venture capital industry to provide impact fund for the social innovations. Delivering a keynote address in a seminar on poverty alleviation through livelihood intervention in New Delhi today, Mr Sinha said this pool of funds will not only help the profit or nonprofit organizations but the NGOs will also get benefit from it. <br/><br/>He said that innovation in the social sector will play a crucial role for sustainable development in the country. Mr Sinha said that the 2 percent Corporates Social responsibility,CSR spending is a game changer for the NGOs in the social sector. He also stressed upon engagements at community level to generate awareness among the people about skill development. Mr Sinha said that the job creation for the huge work force is a big challenge before the government. He said that every year there are around 10 to 12 million people added as work force and the government creates only 1 to 2 million jobs every year. Mr Sinha said that lack of basic skills and innovations are also contributing to the problem for creating jobs in India.