The Union Cabinet chaired by PM Modi has given approval to sign the Memorandum of Understanding (MoU) between India and the United States.
This strategic partnership called ‘Innovation Handshake’ will step ahead enhancing the innovation ecosystems in India. According to the Ministry of Commerce and Industry, this will help both the nations to connect their startup ecosystem.
This collaboration was a part of the 5th India-US Commercial Dialogue held on 10th March 2023 while the US Secretary of Commerce, Gina Raimondo gave a visit to India as stated by the press release.
Critical and Emerging Technology focused partnership
The initiative will play a pivotal role in focusing on the Critical and Emerging Technologies (CET) and also further bolstering the potential and co-operation between India and the US in the booming era of deep tech startups.
Under the partnership a new group working on Talent, Innovation, and Inclusive Growth (TIIG), has been launched which will look after the strategic efforts of startups aiming on iCET (Innovation in Critical and Emerging Technologies).
The collaboration will be responsible for addressing regulatory hurdles, promotion of innovation and prompting job growth, particularly in critical and emerging technologies(CET).
There will be comprehensive scope and co-operation through various innovation Handshake events, round table meetings with the private parties, hackathons, and “Open Innovation” programs. Therefore, it is expected to give a platform for the startup giants, experts, policymakers to fulfill the agenda related to innovation ideas, partnership.
Hackathon Events to exchange ideas and issues
Two upcoming events are scheduled to take place in early 2024. As per the Press Release, the first one will be an investment forum equipped with mechanism to assist US and Indian startup companies in exchanging their innovative ideas and products to market.
The second event will be a Hackathon in Silicon valley where startups from both nations will pitch ideas and technologies to address economic hurdles around the globe.
