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What is the News?
The Union Cabinet has given an ex-post facto approval for an agreement signed between India with the United Kingdom on Global Innovation Partnership.
About Global Innovation Partnership:
- Firstly, Global Innovation Partnership has been launched by the Government of India and the UK.
- Secondly, the purpose of the GIP is to support Indian innovators to scale up their innovations in third countries. Thereby helping innovators to explore new markets and become self-sustainable.
- Thirdly, under GIP, Indian entrepreneurs and innovators will receive seed funding, grants, investments and technical assistance. They will test, scale up and take innovative development solutions to select developing countries.
- Fourthly, the innovations will focus on Sustainable Development Goals(SDG) related sectors thereby assisting recipient countries to achieve their SDGs.
- Fifthly, GIP will also develop an open and inclusive e-marketplace called E-Baazar. This will be used for cross border innovation transfer. Further, this will focus on results-based impact assessment thereby promoting transparency and accountability.
Source: PIB
Why India should Invest More in Research and Innovation System?
