The Indian and US governments, in association with industry lobby Federation of Indian Chambers of Commerce and Industry (FICCI), Tuesday launched a joint initiative to promote innovation in India and other parts of the world.
The "Millennium Alliance" will function in the public-private-partnership mode.
The US Agency for International Development (USAID) and FICCI will each contribute $7.7 million to fund the initiative while the Indian government's Technology Development Board has pledged $5 million.
USAID and FICCI target to raise an additional $35 million to the fund the new initiative by mid-2013, bringing the total amount leveraged to at least $50 million, according to a statement issued by the American embassy here.
"The Millennium Alliance will leverage Indian creativity, expertise, and resources to support and scale innovative solutions to development problems that will benefit populations across India and the world," US Ambassador to India Nancy J. Powell said at the inaugural function.
read more:http://www.pravasitoday.com/us-india-join-hands-promote-innovation
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