Global Innovation Partnership

  • IASbaba
  • May 10, 2021
  • 0
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Global Innovation Partnership

Part of: GS Prelims and GS – II – International Relations 

In news

  • The Union Cabinet has given retrospective approval to the signing of MoU between the Indian Ministry of External Affairs and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom on Global Innovation Partnership (GIP).

Key takeaways 

  • Through this MoU, India and UK agree to launch 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.
  • The innovations shall take place through seed funding, grants, investments and technical assistance. 
  • 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.

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