The United States Agency for International Development (USAID) and the Federation of Indian Chambers of Commerce and Industry (FICCI) on Tuesday signed an agreement to set up an institution that would support innovation in India and elsewhere in the world.The two organisations have pledged $7.5 million each for setting up the “Millennium Alliance: an India-US Innovation Partnership for Global Development”, which will promote innovation in sectors such as health, food security, climate change, energy and education. “USAID and FICCI both will contribute $7.5 million each to the platform and work to raise up to $50 million.”