New Delhi: Union Commerce Minister Piyush Goyal and his US counterpart, Gina Raimondo, spearheaded an industry roundtable to officially launch the “Innovation Handshake” agenda between the United States and India.
The objective of the Innovation Handshake is to connect the dynamic startup ecosystems of both countries, overcome specific regulatory hurdles to cooperation, and promote innovation and job growth, particularly in emerging technologies.
The concept of the Innovation Handshake, developed under the US-India Commercial Dialogue, also aims to bring together the two governments with venture capital leaders, entrepreneurs, and other industry and institutional stakeholders.
This initiative was previewed by President Biden and Prime Minister Modi during the Prime Minister’s historic official State Visit in June 2023.
The event, co-hosted by the US-India Business Council and the Confederation of Indian Industry, brought together CEOs from major information and communication technology companies.
Also present were executives from venture capital firms, and founders of startups in the critical and emerging technology space, who engaged in discussions on ways to enhance technology collaboration betwee
Secretary Raimondo emphasised the significance of the Innovation Handshake, stating, “Through the Innovation Handshake, the United States and India are forging a critical tech partnership that will further strengthen our interconnected innovation ecosystems.
“This is an important step to bolster the U.S.-India commercial relationship, and I look forward to advancing this progress with Minister Goyal to support the success of U.S. and Indian workers and businesses,” he added.
Union Minister Piyush Goyal, highlighted the joint commitment signalled by the Innovation Handshake to strengthen the startup ecosystem and promote cooperation in Critical and Emerging Technologies between India and the United States.
He expressed, “Signing an MoU to Enhance Innovation Ecosystems through an Innovation Handshake is an important step in growing the India-U.S. partnership for the 21st century.”
The announcement laid the foundation for two upcoming Innovation Handshake events scheduled to occur in India and the United States in early 2024.
These events include an investment forum aimed at assisting US and Indian startup companies in bringing their innovative ideas and products to market, as well as a “hackathon” in Silicon Valley where startups from both nations will pitch ideas and technologies to address global economic challenges.
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