Cabinet approves MoU on India-UK Global Innovation Partnership

at 4:59 pm
Meeting of Union Cabinet (File pic)

New Delhi (NVI): The Union Cabinet today gave its go-ahead to the signing of India-UK Global Innovation Parternship (GIP) which will support Indian innovators to scale up their innovations in third countries thereby helping them explore new markets and become self sustainable.

The Cabinet, at a meeting chaired by Prime Minister Shri Narendra Modi, gave ex-post facto approval to the signing of the Memorandum of Understanding (MoU) between the Ministry of External Affairs and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom.

The GIP will also foster the innovative ecosystem in India, an official statement said.

GIP innovations will focus on Sustainable Development Goals (SDG) related sectors, thereby assisting recipient countries achieve their SDGs.

Through seed funding, grants, investments and technical assistance, the Partnership will support Indian entrepreneurs and innovators to test, scale up and take their innovative development solutions to select developing countries, it said.

The innovations selected under GIP would accelerate the achievement of Sustainable Development Goals and benefit the base of the pyramid populations thus promoting equity and inclusivity in recipient countries.

GIP will also develop an open and inclusive e-market place (E-BAAZAR) for cross border innovation transfer and will focus on results based impact assessment thereby promoting transparency and accountability.