India has signed a loan agreement with the World Bank to promote the innovation ecosystem in the country, an official release said on Wednesday.

A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the "Innovate in India for Inclusiveness Project" was signed with the World Bank on 24th April, 2018 in New Delhi, the release said.

The Loan Agreement was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.

The Objectives of the project is to 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 would 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.