From UPSC perspective, the following things are important :
Prelims level : GIP
Mains level : Paper 2- India-UK Global Innovation Partnership
Cabinet approval to GIP
- The Union Cabinet gave ex-post facto approval to the signing of Memorandum of Understanding (MoU) India and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom on Global Innovation Partnership (GIP).
- GIP will support Indian innovators to scale up their innovations in third countries thereby helping them explore new markets and become self-sustainable.
How GIP will help India
- It will also foster an innovative ecosystem in India.
- GIP 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.
- GIP will also develop an open and inclusive e-marketplace (E-BAAZAR) for cross-border innovation transfer and will focus on results-based impact assessment thereby promoting transparency and accountability.