Global Innovation Partnership (GIP)

Why in news?

• The Union Cabinet gave ex-post facto approval to the signing of Memorandum of Understanding (Mou) between India and the United Kingdom on Global Innovation Partnership (GIP).

About the Partnership:

• 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 (SDGs) 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.

Prelims Question:

An initiative called” Global Innovation Partnership” has been launched by India and:
(a)USA
(b)United Kingdom
(c)France
(d)Japan

Answer to Prelims question