India-US unveil Millennium Alliance

India and Unites States launched the Millennium Alliance (MA).

MA – a platform to bring together Indian creativity, expertise and resources to source and intensify innovations being developed and tested in the country.

The partnership for global development is focused at improving lives of vulnerable populations in India and around the world by supporting innovations that have capability to be replicated to maximize their benefit. The focus of alliance is on areas such as basic education, health, food security, clean energy, water and sanitation. The alliance promotes entrepreneurs, innovators, NGOs and local partners to put forward proposals for innovative development solutions.

US Agency for International Development (USAID) is providing $7.7 million to the MA. Earlier, the Government of India’s Technology Development Board promised $5 million to the MA.
MA will facilitate social innovators with indispensable resources such as business incubation services, seed funding, networking opportunities, and technical assistance. It will also assist them to access equity, debt, and other capital.

Month: Current Affairs - July, 2012