New Delhi, Nov 13 (IANS): India and Britain Wednesday announced an industrial collaboration to develop innovative products and services in healthcare and energy sector.

Both the countries have pledged funding up to five million pounds (around $8 million) each to support business-led projects between Indian and the British companies.

"The ultimate aim is to develop innovative products and services that deliver real economic and social benefits. The initial focus of the programme is on energy systems and affordable healthcare," said Britain's Chief Scientific Advisor Sir Mark Walport.

The collaboration between the Britain's Technology Strategy Board - innovation agency - and India's department of science and technology (DST) is an initiative under the Global Innovation & Technology Alliance (GITA).

GITA is a "not-for-profit" public private partnership (PPP) company promoted jointly by the Confederation of Indian Industry (CII) and the Technology Development Board (TDB), Department of Science & Technology (DST), Government of India.

The objective of the platform is to facilitate technology partnerships between Indian industry and other countries to develop new and affordable products and services in diverse areas.

Since 2008, both the countries have invested 150 million pound in total for joint research collaborations in various sectors.