India-UK Global Innovation Partnership gets Cabinet nod
By TIOL News Service
NEW DELHI, MAY 05, 2021: THE Cabinet on Wednesday approved the signing of the India-UK agreement on the Global Innovation Partnership (GIP) to support the transfer of inclusive innovations from India to selected developing countries.
The Memorandum of Understanding (MoU) was signed between the Ministry of External Affairs and Britain's Foreign, Commonwealth and Development Office (FCDO).
Through seed funding, grants, investments and technical assistance, the GIP will support Indian entrepreneurs and innovators to test, scale up and take their innovative Sustainable Development Goals (SDG)-related solutions to select developing countries.
Innovators will be able to explore new markets and become self-sustainable, fostering an innovative ecosystem in India, while the recipient countries will be able to achieve their SDGs. The innovations would accelerate the achievement of SDGs and benefit the base of the pyramid populations thus promoting equity and inclusivity in recipient countries.
The 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.
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