Why are MoUs on Visit of Theresa May Important to India?

We all know about the fact that India and Britain has signed the MoUs (memoranda of understanding) on IPR (intellectual property rights) and Ease of Doing business. The presence of Narendra Modi and her British counterpart, Theresa May supervised both the MoUs exchange. This step is going to advance business through agreements, by promoting creativity, innovation, and economic growth in both the countries.

What Does The MoUs on IPR signifies?

The MoU on IPR is linked between the Intellectual Property Office of the United Kingdom (UKIPO) and the Department of Industrial Policy and Promotion (DIPP). This MoU covers exchange and dissemination of best practices, experiences, and also knowledge on IP with the R&D organizations, universities, and industries through participating in events and programs. Both of the countries will also look forward to enhance co-operation  in order to develop automation and implement modernization projects. It will also help in understanding the facts about the protection of traditional knowledge as well as about the exchange of best practices. This agreement will further establish a flexible and broad framework through which the two countries can raise awareness on IPRs, better protection of intellectual property (IP) rights, work together on training programs. The MoU on IPR envisages to establish a mechanism that will promote co-operation between the Britain and the intellectual property offices  present in India.

What Does The MoUs on Ease of Doing Business signifies?

The Mou on Ease of Doing Business will harness the expertise of UK  in supporting India’s efforts to improve its Ease of Doing Business ranking.  This will ensure cooperation from several areas and also to give support to business as well as start-ups. It also aims to include exchange between the officials, which will ensure sharing of best practices as well as technical assistance. All this will add up to an extremely well maintained assistance for the effective implementation of the initiatives of GOI, which will help India boost up its Ease of Doing Business ranking. In the latest “doing Business” report of the World Bank, India’s rank remained unchanged from last year’s original rank of 130. However, the last year’s ranking has been changed to 131, which means that India has jumped up by one spot. To further improve its Ease of Doing Business ranking, this MoUs has been signed, and the process of development has already started, with the announcement of Theresa May about spending 160 million pound in India’s 75 startup enterprises.

Several Outcomes Resulting from These MoUs

With the announcement of British Prime Minister, Theresa May, about the investment of 160 million pound, that results to about 1,330 crore across 75 startups, is an outcome of the MoU between India and UK. This is further going to generate a huge number of new job opportunities for the youths of India. An additional amount of 20 million pound will also be invested for a Start-Up India Venture Capital Fund, which is aimed to support 30 enterprises. This fund will also leverage additional 40 million pound capital from various other investors, that also U.K. venture capital funds.

India has been the third largest investor in the U.K. and also the second largest international job creator. The Indian companies have created over 1,10,000 jobs in the U.K. Meanwhile, Britain is the largest G-20 investor in India. Both the Prime Ministers decided for a participation that will help stimulate the economic growth of India and U.K.