The Union Cabinet gave ex-post facto approval to the signing of 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).
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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 the innovative ecosystem in India.
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.
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.
