Union Cabinet on Wednesday gave ex-post facto approval to the signing of an MoU between India and the UK on the Global Innovation Partnership. The meeting was chaired by PM Narendra Modi where the Ministry of External Affairs, India and Foreign, Commonwealth and Development Office of the United Kingdom signed this MOU.
India and UK agreed to launch the Global Innovation Partnership (GIP) which is considered a big step towards fostering the innovation ecosystem in India.
Objective of GIP
– The signing of the MoU will allow Indian innovators to scale up their innovations in 3rd countries which will allow them to have exposure to new markets and provide them an opportunity to become self-sustainable.
-The Global Innovation Partnership will focus on sectors related to Sustainable Development Goals (SDG). In this way, the GIP will also help the recipient countries to achieve their SDGs.
-The partnership will support Indian entrepreneurs and innovators to test, scale up and take their innovative development solutions to selected developing countries through seed funding, grants, investments and technical assistance.
-Under GIP, the innovations made would accelerate the achievement of Sustainable Development Goals and benefit the base of the pyramid populations.
-GIP will promote equity and inclusivity in recipient countries.
Introduction of E-BAAZAR
The Global Innovation Partnership will develop an open and inclusive e-marketplace or E-BAAZAR which will help in the cross border innovation transfer. It will be focused on results-based impact assessment. Therefore, E-BAAZAR will promote transparency and accountability.
This development came in after Prime Minister Narendra Modi and his British counterpart Boris Johnson Tuesday exchanged views regarding innovation at the virtual summit.
As the UK is India’s 2nd largest partner in research and innovation collaborations, a new India-UK Global Innovation Partnership with a goal to support the transfer of inclusive Indian innovations to selected developing countries, starting with Africa was announced.