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May 06, 2021 Thursday 05:41:10 PM IST

Approval to MoU between India and UK on Global Innovation Partnership

National Edu News

The Union Cabinet, chaired by Prime Minister Narendra Modi gives ex-post facto approval to the signing of the Memorandum of Understanding (MoU) between the Ministry of External Affairs of the Government of Republic of India and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom on Global Innovation Partnership (GIP). Through this MoU, India and UK agree to launch the Global Innovation Partnership.  GIP will support Indian innovators to scale up their innovations in third countries thereby helping them explore new markets and become self-sustainable. It will also foster an innovative ecosystem in India.  GIP innovations will focus on Sustainable Development Goals (SDG) related sectors thereby assisting recipient countries to 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. 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-marketplace (E-BAAZAR) for cross border innovation transfer and will focus on results-based impact assessment thereby promoting transparency and accountability.