Cabinet approves pact on
India-Israel tech Fund
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.
India and Israel will make a
contribution of USD 4 million or about Rs 25 crore each for the fund annually
for five years, which 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 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 fund is expected to
foster and strengthen the eco- system of innovation and techno-entrepreneurship
in India and contribute directly to the Startup India programme, 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".
The joint stamps will be released on 21st September, 2017.
A Memorandum of Understanding (MoU) has already been signed between Department
of Posts and Canada Post for this joint issue.
In this
joint issue, the theme "Diwali" has been selected as it is a cultural
theme for both the countries and also their is large presence of Indian
diaspora in Canada.
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