The cabinet today approved memorandum of understanding signed between India and Israel to set up USD 40 million fund 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, 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 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 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,” another official statement said. 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.