In order to fund the ‘Innovate in India for Inclusiveness Project’, the Government of India has signed a loan agreement for IBRD credit of $125 million with the World Bank.
As per the Ministry of Finance’s notification, the project consists of three parts -- strengthening of pilot-to market innovation ecosystem, acceleration of the pilot-to-market process for specific products and project management and monitoring & evaluation, and the closing date of the project is June 30, 2023.
The government’s ‘Innovate in India for Inclusiveness project’ will nurture indigenous innovation, foster local product development and accelerate commercialization process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India. The project is also expected to support consortia of public, private, and the academic institutions to overcome the key market failures currently holding back the development of an innovative biopharmaceutical and medical devices industry in India.