On the anvil: E-BAAZAR for cross border innovation transfer
The cabinet has approved a India-UK Memorandum of Understanding (MoU) to launch the Global Innovation Partnership to 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, said the Cabinet on 5 May 2021 after approving two India-UK MoUs.
The 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.
The MoU is aimed at Liberalising issuance of visas promoting mobility of students, researchers and skilled professionals and strengthen cooperation on issues related to irregular migration and human trafficking between the two sides.
The MoU would benefit Indian students, academics, and researchers, migrants for professional and economic reasons and those willing to contribute through various projects to the economic development of both countries without consideration of caste, creed, religion or gender. This MoU can support the innovation ecosystem in both countries by facilitating free flow of talent.
Ministry of External Affairs would closely monitor the effective implementation of the MoU through Joint Working Group mechanism. #innovations #startups #fintech #MoUs /fiinews.com
