Technological innovation and research program between India and Israel now approved by the cabinet
Technological Innovation and Research Program has now been approved by the union cabinet in India. A memorandum of understanding between India and Israel will set up USD 40 million funds for industrial research and technological innovation.
“The union cabinet chaired by Prime Minister Narendra Modi approved a Memorandum of Understanding (MoU) between India and Israel on ‘India-Israel Industrial R&D and Technological Innovation Fund (I4F)’. The MoU was concluded in July 2017,” an official statement said.
India and Israel will make a contribution of USD 4 million or about Rs 25 crore each for the fund annually for five years. These funds will be governed by a joint board comprising four members from each country.
“The MoU envisages promotion of bilateral Industrial R&D and Innovation cooperation in the fields of science and technology by extending support to joint projects for innovative or technology-driven new or improved products, services or processes,” the statement said.
It is expected that the projects under the fund will lead to affordable technological innovations in focus areas of mutual interest such as water, agriculture, energy and digital technologies.
The collaboration between the two countries for this fund is expected to enable institutional support in building up consortia, including private industry, enterprises, and R&D institutions.
“The activities supported by the Joint Fund would increase the techno-economic collaboration between the two countries by investing in jointly developed technology projects and collaborations based on technological innovation,” the statement added.
The fund is expected to foster and strengthen the eco- system of innovation and techno-entrepreneurship in India and contribute directly to the Startup India program, it said.
The Cabinet was also informed that India and Canada have mutually agreed to jointly issue a set of two commemorative postage stamps on the theme of “Diwali”.