India and Israel in talks to create a $40 million innovation fund
India and Israel are expected to ink a deal to create a $40 million research and development fund for joint innovation, according to Economic Times (ET).
India and Israel may sign an agreement to create a $40 million innovation fund
India-Israel trade totalled nearly $2bn in 2016 and has grown by 52% over the past decade. The next step is in discussion as part of India PM Narendra Modi’s 3-day visit to Israel.
According to reports, the innovation fund will focus on areas such as agriculture, water, energy and technology.
India's PM Narendra Modi tweeted, "Today the entrepreneurial drive of Indians and Israelis brings us closer together. From start-ups to space, communications to cybernetics, Israel’s technological capabilities are merging with India’s."
Today the entrepreneurial drive of Indians and Israelis brings us closer together: PM @narendramodi and PM @netanyahu in their joint op-ed
— PMO India (@PMOIndia) July 4, 2017
According to a recent UN report, India is an emerging innovation centre in Asia and has been ranked the top exporter of information and communication technology (ICT) services. The World Intellectual Property Organisation (WIPO) in its 10th edition of the ‘Global Innovation Index (GII)’ also ranked India 60th on its list of 130 most innovative countries in the world.
Indian government's simpler policies on doing business and schemes such as Skill India and Digital India are all acting as a catalyst to drive innovation across every field.
According to the IMF report, India’s growth is expected to rebound to 7.2% in the 2017-18 fiscal and 7.7% in 2018-19, which will further power India's image as being important to investors. India's digital minister Ravi Shankar Prasad said that the Indian government estimates the digital economy to surpass $1.115tn by 2024-25 and if the deal comes through, it will power India's economy further.