Union Cabinet apprised of MoU between India and France in S&T and Innovation
- The Union Cabinet has been apprised of the signing of the Memorandum of Understanding (MoU) of Cooperation in the field of Science and Technology and innovation.
- The MoU was signed between India’s Technology Development Board (TDB), Department of Science & Technology and France’s public Investment Bank Bpifrance.
- The agreement will ensure exchange of best practices and setting up of coordinated measures to foster technological exchanges.
- The exchanges under it will be through collaboration between companies, organizations and institutions of France and India. The agreement also aims to carry out activities related to exchange of best practices in the field of Science & Technology through the India’s Technology Development Board and Bpifrance.
- TDB is a statutory body established under Technology Development Board Act, 1995. Its mandate is to promote development and commercialisation of indigenous technology and adaptation of imported technology for wider application. It consists of 11 Board members.
- The board plays a pro-active role by encouraging enterprises to take up technology oriented products. The Union Government had reconstituted the board in March 2000.
- It is the first organization of its kind within the government framework with the sole objective of commercializing the fruit of indigenous research. It provides financial assistance to research and development institutions and equity capital or loans to industrial concerns. The loan carries a simple interest rate of 5% per annum.