The National Innovation Council (NIC) will develop new model of inclusive growth. The NIC will also provide solutions to the problems of the poor with cost effective initiatives.Speaking to journalists after the first meeting of the newly constituted NIC, its chairman, Mr. Sam Pitroda said a 5,000 crore rupees fund will be created for the implementation of the initiatives. He said initially a fund of 1,000 crore will raised from different sources.Elaborating on the subject, he asserted that these innovations must have minimum impact on environment to ensure sustainable growth. Mr. Pitroda noted that aim is to redefine innovations going beyond research and development parametres. The NIC chief said that the focus is on fostering an innovation eco system and entrepreneurship besides ensuring sustainability. He added that the NIC will also promote the setting up state councils to help implement strategies for innovation in states and for specific sectors. The prominent members of the council include Dr K Kasturirangan, Ms Kiran Majumdar Shaw, Shekhar Kapur and Mr. Kiran Karnik.