On May 5, the Union Cabinet, chaired by the PM Narendra Modi gives ex-post facto approval to the signing of Memorandum of Understanding (MoU) on Global Innovation Partnership (GIP) between the Ministry of External Affairs of India and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom.
Objectives of the GIP
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.
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.