Question

Q14. Consider the following statements about Innovate in India for Inclusiveness Project:

1. The initiative will be supported by Ministry of Finance and World Bank.

2. The objective of project is to nurture indigenous innovation, foster local product development and accelerate commercialization process in biopharmaceutical and medical devices industry in India.

Which of the above statements are correct?

• A. a) 1 only
• B. b) 2 only
• C. c) Both 1 and 2
• D. d) Neither 1 nor 2

Answer 1

The correct option is C

c) Both 1 and 2

• The Union Government (Ministry of Finance) has signed a Loan Agreement with the World Bank for IBRD credit of US$ 125 (equivalent) for Innovate in India for Inclusiveness Project.
• The objective of project is to nurture indigenous innovation, foster local product development and accelerate commercialization process in biopharmaceutical and medical devices industry in India.

Innovate in India for Inclusiveness Project

• The projects seeks to achieve its objective 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 will support consortia of public, private, and academic institutions to overcome key market failures currently holding back development of innovative biopharmaceutical and medical devices industry in India.
• The components of project are strengthening of pilot-to market innovation ecosystem, accelerating of pilot to market process for specific products and project management and monitoring and evaluation. The closing date of project is June 2023.