India announces five million dollar contribution to fund innovation

New Delhi, May 8 (ANI): Union Minister of Science and Technology and Earth Sciences Vilasrao Deshmukh on Tuesday announced a five miilion-million dollar contribution to a joint initiative with a U.S. agency to identify and invest in innovation by civil society, and bring them to scale.

"Today, I am happy to announce our contribution of five million dollars to the Technology Development Board to USAID Millennium Alliance. FICCI hopes to scale up the fund to US Dollar 50 million over the next twelve months. This Millennium Alliance is a newer expression of our mutual commitment to engage in another gainful partnership," Deshmukh said after a meeting with U.S. Secretary of State Hillary Clinton here.

"Under this platform, we expect to leverage creativity of both Nations and ability of US to maximize quality and Indian strength in optimizing resources. Together, we could develop competitive affordable innovations. USAID has already contributed US Dollar 7.7 million to this initiative," he added.

Asserting that our bilateral relationship today is a true partnership that uses the soft prowess of science, technology and innovation for the benefit of people and polity in both our countries, Deshmukh said: " When the most powerful and large economies of the world join and develop their innovation agenda, it is bound to deliver values for global good. The world would want us to work together!"

Stating that our cooperation in knowledge based industry sectors has ushered in a new spirit of innovation and entrepreneurship amongst our entities, Deshmukh said: " In the past, we were focused on attracting people for science. Now our cooperation includes also, science for people of both countries. Our cooperation agenda represents a new measure of mutual trust and confidence."

Highlighting the joint programs of both the countries, Deshmukh said: " I wish to recognize the on the ongoing outcome of our Stanford-India Biodesign Program supported by the Department of Biotechnology and the Indo-US S and T Forum involving Stanford University, AIIMS and IIT-Delhi. Under this program, about 25 high quality minds have been trained to identify major health care needs and develop cost effective solutions."

" The second program of our interest today is the India Innovation Growth Program. Supported by the Department of Science and Technology and Lockheed Martin Corporation it is another successful PPP model of collaboration between our countries. Over 200 Business Engagement Agreements have already been entered involving both Indian and US enterprises," he added.

He further said that the third major programme of value showcased today is the U.S. India Endowment Fund established by the two governments in 2009. The creation of this Fund is another landmark in our belief to work together in the space of technology commercialization. I am certain that out joint efforts through this Fund would foster commercialization of technology leading to societal impact.

"The fourth flagship is the Indo-US Joint Clean Energy Research and Development Center (JCERDC). This is a bilateral initiative of my Ministry of Science and Technology with the U.S. Department of Energy. We have committed U.S. Dollar 25 million from each side. The joint Centre will support multi-institutional networked projects using consortia partnership based on public-private model of funding," he added. (ANI)