Global Innovation Partnership (GIP) Agreement between India and United Kingdom

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Global Innovation Partnership (GIP) Agreement between India and United Kingdom

Recently the Union Cabinet has approved the Global Innovation Partnership (GIP) agreement between India and the United Kingdom.

Benefit from agreement:

  • The global innovation partnership will help India’s innovators develop their innovation in other countries. This will develop new markets and make investigators self-sufficient.
  • The global innovation partnership will focus on innovation-related sustainable development target sectors, so that beneficiary countries can achieve their sustainable development goals.
  • This partnership will support Indian entrepreneurs and innovators through basic financing, grants, investment and technical collaboration to extend their innovation development solutions to developing countries.
  • The innovations selected under the Global Innovation Partnership will prove useful in achieving the Sustainable Development Goals, which will benefit economically, socially vulnerable populations. In this way, equality and inclusive objectives can be achieved in the beneficiary countries.
  • Global innovation partnerships will also develop an inclusive and open e-market, through this; there will be a transfer of innovation between markets. This will help in assessing the work to be done in this direction and encourage transparency and accountability.

Source – The Hindu

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