Cabinet gives approval for signing Global Innovation Partnership(GIP)

The Union Cabinet, chaired by the Prime Minister of india gives approval to the signing of Memorandum of Understanding (MoU) between the India and the United Kingdom on Global Innovation Partnership (GIP).
Objectives:

• 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.
• 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-market place (E-BAAZAR) for cross border innovation transfer and will focus on results based impact assessment thereby promoting transparency and accountability.

Sources :  PIB