India has joined hands with the U.S. to promote innovation in India called as ‘Millennium Alliance’. It is the unique initiative which will provide grassroots innovators with essential resources such as seed funding, business incubation services, networking opportunities and technical assistance to solve development problems, particularly in the areas of basic education and food security.

The USAID-FICCI Millennium Alliance platform will bring together social impact funds, venture capitalists, corporate foundations, early investors, donors, and others to support and scale innovative solutions to development challenges that affect base of the pyramid populations in India and around the world.

Launched in public-private partnership mode, the Federation of Indian Chambers of Commerce & Industry (FICCI) and the US Agency for International Development (USAID) will contribute $7.7 million each to fund the initiative, while the Indian government’s Technology Development Board will also pump in $5 million.