Global Innovation Partnership (GIP):
The Union Cabinet has given ex-post facto approval to the signing of MoU between the Ministry of External Affairs 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 the innovation 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.
- 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.