New Delhi/UNI: The Indian Cabinet, presided over by Prime Minister Narendra Modi virtually, on Wednesday gave an ex-post facto approval for an agreement signed between India with the United Kingdom on Global Innovation Partnership.

According to an official statement, through this Memorandum of Understanding (MoU), India and UK agree to launch the GIP which 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 an innovative ecosystem in India. GIP innovations will focus on Sustainable Development Goals (SDG) related sectors thereby assisting recipient countries to achieve their SDGs, IBNS said.

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 statement read.

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-marketplace (E-BAAZAR) for cross border innovation transfer and will focus on results-based impact assessment thereby promoting transparency and accountability.