• The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU between India and Finland for collaborating based on mutual interest in the field of Biotechnology, for funding and implementing ambitious industry-led innovative and transnational projects within the broad scope of research development and innovation.
• The Mou will support creation of long-term Research, Development & Innovation collaboration mechanism and to establish and strengthen cooperative network between Indian and Finnish organizations.
• By funding need-oriented, ambitious joint projects of high international standards, the two countries aim to help reach world-class innovations beneficial to both countries.
• It will also facilitate knowledge sharing and knowledge generation among scientists, researchers and industry in the two countries.
• Identifying innovation as the cornerstone of the collaboration, both DBT and Business Finland have agreed to cooperate with Biotechnology Industry Research Assistance Council (BIRAC).
• The Public Sector Enterprise of the Department of Biotechnology (DBT), Government of India for funding and implementing ambitious industry-led innovative and transnational projects.
• Based on their mutual interest following research areas have been identified, i. Mission Innovation; Biofuture platform: biofuels, bioenergy and biomass based products; Environmental and energy applications of biotechnology; Business development of start-up and growth companies; and Education technologies and games in life sciences vi. Other fields of life science industry
Mains Paper 3: Science and technology
Prelims level: BIRAC