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.
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.
